After rising for consecutive days on Monday, the Philippine stock index went down slightly on Thursday from some profit-taking.
The Philippine Stock Exchange index (PSEi) ended the Thursday session slightly down by 0.06 percent, or 4.05 points to 6,800.11, while the all-shares index dipped by 0.02 percent, or 0.81 points to 4,133.11.
Harry Liu, president of Summit Securities Inc., said that the drop in the local bourse was because of minimal “profit-taking” and that the equities will still go up in the next few days.
“[The market] only reached the resistance level, that’s why profit-taking happened. It might still rally and continue up to Friday [today]. [Market] will still improve,” he said.
“Resistance will build up to 6,800 [points]to 7,000 [points], so expect a resistance, and then a consolidation to follow,” Liu added.
The sectoral indices ended up mixed, with financials gaining 9.23 points, or 0.57 percent to 1,628.39, while holding firms erased 18.26 points, or 0.29 percent to 6,265.22.
Industrial gained 24.58 points, or 0.25 percent to 10,034.72, while services lost 2.10 points, or 0.10 percent to 2,058.39. Meanwhile, mining and oil slumped by 0.45 percent, or 66.59 points to 14,803.16, while properties fell by 0.46 percent, or 12.39 points to 2,693.26.
Among the actively traded shares that lost on Thursday include Philippine Long Distance Telephone Co., Ayala Land Inc., Ayala Corp., SM Investments, BDO Unibank and Puregold Price Club.
Manila Electric Co., Alliance Global Group and Melco Crown Resorts were among the gainers among actively traded stocks.
Though the index ended negative, advancers still outnumbered decliners—85 to 75—while 40 issues were unchanged. Total volume reached more than 1.2 billion shares, while total value turnover was P7.6 billion.
On Wednesday, the PSEi rose by 0.90 percent, or 53.78 points to 6,796.99, while the wider all-shares barometer ascended by 0.66 percent, or 26.90 points to 4,123.48.