Profit taking snaps market’s 4-day run

MANILA, Philippines — Share prices pulled back yesterday as investors decided to take profits following its recent rally.

The benchmark Philippine Stock Exchange index snapped its four-day winning streak, slipping by 0.94 percent or 69.59 points to close at 7,362.62.

The broader All Shares index followed suit as it shed by 0.60 percent or 23.86 points to close at 3,939.64.

“Profit-taking occurred in the local equities market after several days in the oversold region, as traders adopted a cautiously optimistic stance amid expectations that China’s recent policy measures may have stemmed its stock market slump, with hopes for additional fiscal support on the horizon,” Regina Capital’s Luis Limlingan said.

Philstocks Financial research manager Japhet Tantiangco said that trading was still active yesterday with net value turnover posting P7.54 billion, higher than the year-to-date average of P5.17 billion.

Foreigners were net buyers with net inflows amounting to P921.22 million.

All sectors capped off the session in the red, except for mining and oil, which surged by 2.83 percent.

Financials took the biggest hit as it dropped by 2.02 percent, followed by services with a 0.71-percent decline.

Market breadth was negative as decliners edged out advancers in a tight contest, 99 to 97, while 57 issues were unchanged.

Universal Robina Corp. posted the largest gain among index the members at 2.16 percent, while Bank of the Philippine Islands lost the most at four percent.

BDO was the top traded company, dropping by 1.44 percent to P164.60 per share, followed by ICTSI with a 0.73-percent decline to P410 per share.