The Philippine Stock Exchange index (PSEi) yesterday broke its winning streak closing 0.57 percent down at 7,617.30 points despite hitting an intraday high of 7,736.97 points.
The broader All Shares index also lost 27.62 points or 0.62 percent to 4,427.16.
This 7,736.97 record is the eighth intraday high of the market year-to-date from the previous all time intraday and close of 7,661.18 on Wednesday, January 28.
Bryan Gomez, co-head of investments at Citisecurities Inc., told reporters investors sold on news of the official data on last year’s growth, having “discounted” the fact that growth will be below expectations.
“In the morning, it was positive then it started going down when the GDP data was released. It was under ‘sell-on-news’,” Gomez said.
Aside from the GDP, Gomez said investors were mainly cashing in on gains from the series of market highs in the past few days.
Only financials went up by 0.50 percent among the sectoral indices that went down, led by 1.56 percent slump of the property counter.
Among the most active, top gainers were Global Ferronickel Holdings Inc. and Max’s Group Inc. that both surged above 6 percent. Other active gainers included SM Investments Corp., 8990 Holdings Inc. and GT Capital Holdings Inc., while top losers were Metro Pacific Investments Corp., Energy Development Corp. and SM Prime Holdings Inc., among others.
Traded volume totaled to 2.19 billion shares, amounting to P10.17 billion. Decliners outnumbered advancers, 114 to 68, while 41 were unchanged.
On Wednesday, the main PSEi gained 30.61 points or 0.40 percent to close at 7,661.18, while the All Shares index went up 14.12 points or 0.32 percent to 4,454.78.