Local stocks pulled back on Wednesday as investors opted to take profits after a sell-off on Wall Street.
The Philippine Stock Exchange index (PSEi) ended down 67.11 points or 1.03 percent at 6,462.47, while the wider all-shares index lost 30.73 points or 0.78 percent to 3,884.49.
“The market is still on profit taking after a significant run in the previous day. While the outlook is still positive in the long term, the market is now on a corrective phase,” said Jovis Vistan, research head of AB Capital Securities Inc.
“This is more on follow-through selling,” he added.
All the sectoral indices ended lower, with the property counter giving up 50.64 points or 2.06 percent to 2,403.23. Services fell 21.80 points or 1.12 percent to 1,930.81.
Holding firms retreated 60.44 points or 1.01 percent to 5,904.01, while mining and oil dropped 106.88 points or 0.73 percent or to end at 14,455.43. Industrials declined 36.90 points or 0.37 percent to 9,913.23, while financials went down 3.46 points or 0.22 percent to 1,566.31.
The volume of shares traded on Wednesday reached 2.5 billion valued at P8.6 billion. Gainers outnumbered losers 53 to 106.
Some of the biggest losers were Philippine Long Distance Telephone Co., SM Investments Corp., Ayala Land Inc., DMCI Holdings Inc., Ayala Corp., BDO Unibank Inc., Megaworld Corp., JG Summit Holdings, Inc., SM Prime Holdings Inc., International Container Terminal Services Inc., Semirara Mining Corp., and Energy Development Corp.
On Tuesday, the local stock market breached the 6,500-point mark anew as sentiment was lifted by more positive corporate announcements. The PSEi rose by 42.35 points or 0.65 percent to close at 6,529.58, while the wider all-shares index rose 18.50 points or 0.47 percent to 3,915.22.