Stock market succumbs to profit taking

0

Philippine shares welcomed the week on the red side after investors opted to go on a profit taking.

Elizabeth Abadillo, analyst at brokerage Angping and Associates Securities Inc., said in a text message that the market was down after “moderate volume profit taking continues.”

“Taken with the sustained strong numbers and continuing, even improving, rosy outlook for the domestic economy, Philippine shares are expected to maintain a northern heading—even as it suffers from days of selling instigated by profit-taking and peer-tracking,” Jun Calaycay, Accord Capital Equities Corp. analyst, however, noted.

Calaycay also cited that the positive numbers that have emerged as the cloud over the US budget “crisis” momentarily cleared point to and magnified a simultaneous recovery in the US, Europe, Japan and emerging China.


“As we had mentioned in previous reports, the clearing of the cloud of uncertainty should allow investors sufficient time to refocus their scopes and train stock-selection radars toward earnings,” he further said.

The Philippine Stock Exchange index (PSEi) welcomed the week with a slight drop, losing 0.15 percent, or 10.27 points to 6,597.56, while the wider all-shares index shed 0.11 percent, or 4.46 points to 3,979.91.

Majority of the sub-indices likewise registered losses, with services registering the largest fall, losing by 0.68 percent, or 13.61 points to 2,003.11, followed by financials, which went down by 0.35 percent, or 5.78 points to 1,630.72.

Mining and oil also went down by 0.22 percent, or 28.76 points to 12,862.22, while holding firms shed 8.30 points, or 0.14 percent to close at 6,011.04.

Industrial, on the other hand, went up 0.47 percent, or 43.84 points to end at 9,447.79, while the property counter gained 0.46 percent, or 11.94 points to 2,605.18.

Total value turnover stood at P7.9 billion with a thin gap between losers and gainers, 77 to 70.

Some of the top actively traded stocks on Monday were Philippine Long Distance Telephone Co., Ayala Land Inc., LT Group Inc., Ayala Corp., Alliance Global Group Inc., Emperador Inc., Universal Robina Corp., and GT Capital Holdings Inc.

Share.
.
Loading...

Please follow our commenting guidelines.

Comments are closed.