Profit taking ends market’s 3-day climb

MANILA, Philippines — The stock market’s three-day winning streak was snapped as profit taking sent share prices downwards.

The Philippine Stock Exchange index declined by 0.33 percent or 22.28 points yesterday to finish at 6,667.09.

Also closing in the negative territory was the broader All Shares index, which slipped by 0.23 percent or 8.29 points, settling at 3,585.93.

“Local shares succumbed to profit taking following a successive run-up of the index as investors bet that the unsuccessful assassination attempt boosted Donald Trump’s chances of reclaiming the White House,” Luis Limlingan of Regina Capital said.

Markets across the region fluctuated yesterday as rising expectations that Trump will return to the White House, reviving speculation that another tariff battle with China and likely tax cuts will push inflation higher.

Philstocks Financial research and engagement officer Mikhail Plopenio said yesterday’s correction may imply that investors are not yet prepared to see the bourse above the 6,700 resistance level.

“Also, many chose to remain on the sidelines as net market value turnover was tepid at P4.9 billion, lower than the year-to-date average of P4.96 billion. Foreigners were net buyers with net inflows amounting to P304.96 million,” Plopenio said.

All counters were in the red except for property, which rose by 1.73 percent.

Financials took the biggest hit as it plunged by 1.33 percent, followed by services, which fell by 0.85 percent.

Market breadth was negative as decliners crushed advancers, 98 to 79, while 55 issues were unchanged.