The Philippine stock market ended in the red toward the last trading session of the week, triggered by profit-taking caused by maiden share sales in the local bourse.
Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said that the market dipped from continued profit-taking.
Papa Securities analyst Freya Natividad agreed with Abadillo, specifying that the market has seen a steep run-up in the past few days, so it took a breather through profit-taking.
Abadillo further said that the market went down because initial public offerings also reduced market liquidity. The Philippine Stock Exchange index (PSEI) capped the week shedding 0.67 percent, or 43.96 points to end at 6,539.81, while the broader all-shares index dipped 0.28 percent, or 11.08 points to 3,962.81.
Besides property, no other sectoral index managed to end on the green side, with majority registering significant losses.
Financials went down by 1.32 percent, or 21.54 points to 1,607.90, followed by holding firms, which declined by 1.23 percent, or 73.63 points to 5,937.61. Mining and oil also declined by more than a percent, falling by 1.09 percent, or 142.71 points to 12,897.78, while services decreased by 1.03 percent, or 20.73 points to 1,988.38. Industrial shed 0.64 percent, or 60.18 points to 9,343.81.
Property, on the other hand, soared by 2.07 percent, or 53.42 points to 2,629.86. Total value turnover was high at P10 billion, with losers edging against gainers, 94 to 48, while 36 issues were unchanged. Some of the top losers on Friday were Ayala Corp., Ayala Land Inc., LT Group Inc., GT Capital Holdings Inc., SM Investments Corp., Jollibee Foods Corp., International Container Terminal Services Inc., Megaworld Corp., Bank of the Philippine Islands, and Metro Pacific Investments Corp.
The PSEi concluded the Thursday’s trade in red as it shed 51.34 points, or by 0.77 percent to 6,538.77, while the broader all-shares barometer went down by 0.59 percent, or 23.48 points to 3,973.89.