Philippine stocks closed lower after profit-takers dominated trading, finding no fresh positive leads from the raft of first-quarter corporate earnings results released so far.
The Philippine Stock Exchange index (PSEi) fell 0.77 percent or 61.10 points to 7,825.47, while the All Shares index dropped 0.61 percent or 27.75 points to 4,496.22.
Sectoral indices all ended in the red, led by mining and oils with a 1.38 percent loss.
“The stock market extended its losses from yesterday but saw some bargain-hunting near the 7,800 levels, causing the market to recover from an almost 100-point drop,” Jonathan Ravelas, BDO chief market strategist, said.
“Profit-taking came in as the market found it difficult to stay above the 7,900 to 7,950 levels the previous day, so investors viewed this as momentum slowing down,” he added.
Ravelas said the market is expected to trade within the 7,800 to 7,900-point range in the next few days,.
The most actively traded stocks included Universal Robina Corp. and Ayala Land Inc. as the sole gainers. Top companies that fell during the session were SM Prime Holdings Inc., Metropolitan Bank and Trust Company, BDO Unibank Inc., SM Investments Corp., Ayala Corp., GT Capital Holdings Inc., Philippine Long Distance Telephone Company and Jollibee Foods Corp.
Volume turnover reached 1.42 billion shares, valued at P9.88 billion. Decliners outnumbered advancers 105 to 78, while 49 stocks finished unchanged.
On Tuesday, the main PSEi retreated 0.90 percent or 71.50 points to end at 7,886.57, while the All Shares index slipped 0.70 percent or 31.67 points to 4,523.97.