PSEi retreats on profit-taking

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The bellwether stock index closed below 7,300 points on Thursday after briefly topping its all-time high in midday trade as investors opted to cash in their gains.

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The Philippine Stock Exchange index (PSEi) ended lower at 7,294.21, after reaching an intraday and all-time high of 7,413.62, which topped the 7,403.65 midday high on May 15 of last year, when the index closed at its highest level to date at 7,392.20.

Jason Escartin, investment analyst at F. Yap Securities Inc. said that the market registered an all time intraday high record in the morning trades following the momentum generated by the sale of GSIS lots in Bonifacio Global City, and news of positive Philippines growth outlooks.

“The market continued its advance following momentum from increased land valuations given GSIS’ sale of lots in Bonifacio Global City, along with the optimistic growth outlook on the Philippines from International Monetary Fund (IMF) and Standard & Poor’s, among other positive economic projections,” he said.

Despite positive trade in the morning, the Philippine Stock Exchange index (PSEi) closed down 0.83 percent or 61.08 points at 7,294.21, while the broader All Shares index likewise decreased 0.59 percent or 25.72 points to 4,314.90.

Despite the news of the GSIS transaction, the property subindex led all the sectors in decline, ending 1.59 percent or 46.05 points lower at 2,842.18. Financials were likewise off 0.91 percent or 15.55 points at 1,702.36; services deduced 0.63 percent or 13.93 points to 2,201.60; industrials shed 0.61 percent or 69.80 points to 11,430.34; holding firms dipped 0.33 percent or 20.97 points to 6,389.61; and mining and oil slid 0.21 percent or 37.25 points to 17,726.26.

Only two of the 10 most active issues posted gains: Alliance Global went up 1.36 percent or P0.35 to close at P26.15 per share, while Megaworld added 1.82 percent or P0.09 to end at P5.04.

The rest of the active companies lost, led by Ayala Land Inc. shedding 2.02 percent or P0.70 to P33.95; Ayala Corp. lost P11 or 1.50 percent to close at P724, and Universal Robina Corp. was down 1.20 percent or P2.20 at P180.80 per share. The other losers were Philippine Long Distance Telephone Company, SM Prime Holdings Inc., SM Investments Corp., Energy Development Corp. and Metropolitan Bank and Trust Company.

Shares traded within the day amounted to 4.296 billion, valued at P9.47 billion. Decliners significantly outnumbered advancers, 113 to 63, while 53 shares were unchanged.

On Wednesday, the local market had a surprise surge breaking into 7,300 territory and settling into its 10th high for this year after a two-day decline. The PSEi gained 1.15 percent or 83.67 points to 7,355.29 on Wednesday, with an intraday high at 7,372.39. The wider All Shares index likewise increased 0.85 percent or 36.49 points to 4,340.62.

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