THE local market ended lower on Thursday on continued profit-taking due to a lack of positive catalysts for investors.
The Philippine Stock Exchange index (PSEi) declined by 0.26 percent or 19.63 points to 7,620.16, while the wider All Shares index decreased by 0.22 percent or 9.76 points to 4,521.90.
“Philippine markets continued the selloff from yesterday for lack of any positive catalysts to help investors turn to bargain hunting. In particular, telcos remained under scrutiny as the government still is mulling a possible sanction on the deal regarding the 700 MHz [megahertz]frequency,” said Luis Limlingan, managing director at Regina Capital Development Corp.
“Other companies are being analyzed whether the impending issues surrounding he comprehensive tax reform and contractualization will dent their bottom line. Volume was relatively thin compared to averages of close to P10 billion on normal trading sessions,” he added.
Sectoral indices ended mixed on Thursday, with services and industrials gaining while the other indices retreated.
Among the active stocks, SM Prime Holdings was flat while PLDT Inc., Metro Pacific Investments Corp., and PhilWeb Corp. ended higher.
Major decliners included Ayala Land Inc., Metropolitan Bank and Trust Company, and Security Bank Corp., among others.
Total volume traded was 2.83 billion shares worth P6.73 billion. Decliners slightly outnumbered advancers 94 to 90, while 54 shares were unchanged.
On Wednesday, the main PSEi dropped by 1.03 percent or 79.45 points to 7,639.79, while the All Shares index declined by 0.85 percent or 38.74 points to 4,531.66