PH shares down as WEF goodies discounted


Philippine shares fell on Friday despite firmer markets overseas as investors opted to book profits following several days of a run-up on the local bourse.

Overseas, Asian shares climbed to one-year highs as market players welcomed signs of improving momentum in the world’s biggest economies, Reuters reported. US shares also ended higher overnight led by small caps.

On Friday, the Philippine Stock Exchange index (PSEi) retreated 19.25 points or 0.28 percent to 6,811.33, with the broader all shares losing 10.09 points or 0.25 percent to 4,063.63.

“The correction was mainly on the profit-taking. We’ve been rising over the past several days. Investors are just taking advantage of all the gains that we’ve had during the previous run-ups,” Unicapital Securities Inc. research head Lexter Azurin said over the phone.

“We’ve been receiving positive news but investors have already discounted these, considering that we already have high valuations also,” Azurin added.

Apart from financials, which inched up 2.84 points or 0.18 percent to 1,603.27, the rest of the sectors were down.

Property firms recorded the largest decline, down 19.63 points or 0.72 percent at 2,697.26, followed by mining and oil, which fell 73.63 points or 0.47 percent to 15,743.01. Holding firms dropped 29.65 points or 0.48 percent to 6,162.07. Services gave up 3.29 points or 0.16 percent to 2,043.67, while industrials lost 14.91 points or 0.14 percent to 10,326.01.

Turnover by value further thinned to P7.7 billion, with 1.2 billion shares changing hands. Decliners outnumbered advancers 113 to 49, while 51 issues were unchanged.

Some of the most actively traded stocks on Friday were Ayala Land Inc., down 1.38 percent at P32.15; BDO Unibank Inc., up 2.87 percent at P89.50; Philippine Long Distance Telephone Co., little changed at P2,902, up just 0.07 percent; and Aboitiz Equity Ventures Inc., down 0.44 percent at P56.70.

The local market rallied on Thursday, rebounding back to the psychologically important 6,800-point level, as investors cheered the minutes of the latest Federal Reserve Board meeting which indicated that the US central bank was not considering raising interest rates any time soon.

The PSEi settled at 6,830.58, gaining 68.20 points or 1.01 percent, while the wider all shares added 32.78 points or 0.81 percent to 4,073.72.


Please follow our commenting guidelines.

Comments are closed.