Profit-taking ends market’s 5-day climb

MANILA, Philippines — The local stock market snapped its five-day winning streak, ending the shortened trading week in the negative territory as investors decided to take profits.

The Philippine Stock Exchange index shed 0.83 percent or 51.48 points to close yesterday’s session at 6,134.62.

The broader All Shares index, meanwhile, increased by 0.28 percent or 10.34 points, settling at 3,656.99.

“The local stock market joined the global selloff in equities as investors close positions ahead of the long weekend and as trade war worries continue to weigh on sentiment,” AP Securities research head Alfred Benjamin Garcia said.

The local stock market is closed today, Maunday Thursday, and tomorrow, Good Friday. Trading will resume on Monday.

Luis Limlingan of Regina Capital said “local shares ended the Holy Week-shortened trading week in the red as investors booked profits amid low volumes.”

“On the economic front, markets absorbed the latest OFW remittance data, which rose by 2.7 percent year-on-year to $2.72 billion —its slowest pace in nine months — amid seasonal headwinds and global uncertainty,” Limlingan added.

Net value turnover was thin at P3.67 billion. Foreign investors were sellers with net outflows at P11.66 million.

Sectoral gauges were a mixed bag, with mining and oil posting the highest increase at 0.71 percent, while services recorded the largest drop at 1.86 percent.

Advancers pummeled decliners, 110 to 79, while 51 issues were unchanged.

ICTSI was yesterday’s most actively traded company, plunging by 3.9 percent to P340.20 per share, followed by BDO Uniobank with a 0.63-percent increase to P161.