Philippine stocks closed flat on Thursday, ending a four-day winning streak, as investors quickly cashed in their gains after the benchmark index breached 6,600 points during morning trade Thursday, sending the local market to its first correction in five days.
“Despite good news globally, investors opted to take or cash in their gains,” Astro del Castillo, First Grade Finance managing director, said in a phone interview.
The Philippine Stock Exchange index (PSEi) retreated 0.64 points or 0.01 percent to settle at 6,587.08, while the wider all shares ended 6.32 points or 0.16 percent firmer at 3,956.49.
During the morning session, the PSEi breached the 6,600 level, gaining 0.37 percent to 6,612.08 as of 9:52 a.m.
Of the six sectoral indices only two managed to stay in the green while the rest suffered minor losses.
Mining and oil went down 39.91 points or 0.27 percent to 14,766.47, followed by financials, which slid 5.97 points or 0.39 percent to end at 1,537.21. Holding firms also fell 9.28 points, or 0.15 percent to 5,975.41, and services dipped 0.13 percent, or 2.57 points to 1,965.06.
On the other hand, sectors that recorded gains included property, which rose 1.49 percent, or 38.35 points to 2,621.15, while industrials climbed 0.14 percent, or 13.87 points to 10,016.06.
Total number of shares traded on Thursday was 898.6 million valued at P8.9 billion. Advancers outnumbered decliners 97 to 71.
Some of the most actively traded stocks were Ayala Land Inc., which went up by 1.77 percent to P31.60 per share; Victorias Milling Co. Inc., which surged by 5.39 percent to P4.50 apiece; Ayala Corp. whose shares went down by 0.49 percent to P610 per stock; SM Prime Holdings Inc., up 2.24 percent at P15.50 per share; BDO Unibank Inc., whose shares decreased by 0.57 percent to P86.50; and Metropolitan Bank and Trust Co., whose share price fell by 2.31 percent to P78.25.
On Monday, Philippine shares entered the 6,600-point territory but eventually settled above the 6,500-level toward the end of the session, as optimism ran high on the back of positive US manufacturing data.