PSEi falls on profit-taking

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Philippine shares reversed their previous gains and drove the index down 0.43 percent on the back of profit-taking from blue-chips Bloomberry Resorts Corp. and BDO Unibank.

The benchmark Stock Exchange index (PSEi) closed 30.91 points at 7,205.72, while the wider All Shares index lost 0.43 percent or 18.11 points at 4,243.68.

Bloomberry was the day’s most actively traded stock, plunging 7.74 percent or P1.20 to close at P14.30. BDO slumped P4.20 or 3.96 percent to P101.80.

Bloomberry reported a nine-month profit of P3.3 billion earlier this week on higher revenues at its flagship Solaire Resort and Casino, reversing an P868 million loss in the same period a year earlier.


BDO Unibank reported a 41 percent jump in third-quarter profit to P5.7 billion for the three months ending September, boosting the nine-month figure to P16.8 billion.

The Henry Sy-led banking giant did encounter a bit of controversy earlier this week, however, when it was forced to suspend the credit card operations of online retailer CashCashPinoy amidst allegations that the popular discount site was selling fake luxury goods.

The sectoral indices all finished the week on the negative side of the ledger: Financials were down 1.01 percent or 17.30 points at 1,693.52; industrials inched down 0.06 percent or 6.65 points to 11,616.13; holding firms were down 0.35 percent or 22.56 points at 6,345.25; mining and oil was off 0.16 percent or 23.98 points at 15,419.86; and property was down 0.02 percent or 0.69 points at 2,852.67.

Total volume traded Friday reached 4.29 billion shares worth P8.94 billion.

Declining stocks outnumbered gainers, 121 to 57, with 51 issues unchanged.

On Thursday, the PSEi rose 0.39 percent or 27.82 points to settle at 7,236.63, while the All Shares advanced 0.41 percent or 17.29 points to 4,261.79.

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