Profit-taking drags PSEi below 7,800

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The Philippine stock market broke an eight-day winning streak on Thursday as investors opted to take profit ahead of the end of the corporate earnings results season.

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The bellwether PSEi dropped 1.02 percent or 79.67 points to close at 7,764.39, while the broader All Shares index slipped 0.78 percent or 35.33 points to 4,510.69.

“In the past few days, the market has been going up on corporate earnings, the central bank commitment to keeping interest rates low, as well as the good macroeconomic environment. Today, investors succumbed to profit-taking, with the corporate earnings season nearing its end,” Astro del Castillo, managing director at First Grade Finance Inc., said.

“For the next few days, the market is expected to consolidate at around the 7,700 levels. If not, [the PSEi will trade at the]7,600 levels,” he added.

Among the sectoral indices, mining-and-oil was the sole gainer, with a 0.44 percent increase, while the industrial counter led the remainder in retreat, with a 1.22 percent decline.

Active companies during the session included SM Prime Holdings Inc., which ended flat, and Semirara Mining and Power Corp., which was the only advancer among the most active issues with a modest P1.00 gain.

The top losers were Universal Robina Corp., SM Investments Corp., BDO Unibank Inc., Energy Development Corp., Philippine Long Distance Telephone Company, Jollibee Foods Corp., Puregold Price Club Inc., and Alliance Global Group Inc.

Total volume traded reached 3.37 billion shares, valued at P9.86 billion. Decliners outnumbered advancers 105 to 82, while 39 issues closed unchanged.

On Wednesday, the main PSEi recorded an all-time intraday high of 7,862.91 and its 17th all-time closing high this year of 7,844.06, to cap an eight-day bull run.

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