Stocks dragged by profit-taking, Wall St loss on Ukraine woes

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THE Philippine Stock Exchange index (PSEi) ended slightly lower in Wednesday’s trading run as investors opted to take profits for a second day following the aggressive market rally on Monday.

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The PSEi slipped by 0.36 percent or 25.03 points to close at 6,948.97, while the broader All Shares index was down by 0.32 percent or 13.28 points to 4,157.86.

“Wall Street’s decline due to rising geopolitical uncertainties in Ukraine [added]weight to profit-taking in local equities,” said Jason Escartin of F. Yap Securities Inc.

“Also, some might use higher inflation in July as excuse to cash-out for now, given the market’s latest rise,” he added, referring to the Monday rally touching the 7,000-mark for the first time in months
The Dow Jones Industrial Average lost 139.81 points, the S&P 500 erased 18.78 points, while the Nasdaq Composite slipped 31.05 points overnight. Here at home, Tuesday saw the release of the July headline inflation figures, which showed inflation deepening to 4.9 percent from June’s 4.4 percent.

Escartin said immediate support level is at 6,900, while resistance is at 6,980.

Among the sectoral indices, property was the only index that gained, while the rest registered declines. The property counter went up 0.11 percent or 2.97 points to 2,617.88. Meanwhile, financials were down 0.05 percent or 0.83 points to 1,639.75; industrials skid by 0.32 percent or 33.88 points to 10,660.91, and holding firms slipped by 0.42 percent or 25.96 points to 6,226.06.

Services dipped by 0.68 percent or 14.41 points to 2,117.95, while mining and oil registered a 0.96-percent decline or 166.55 points to 17,190.53.

Aboitiz Power Corp. was the sole unchanged among the actively traded stocks. Ayala Land Inc. and Globe Telecom Inc. advanced, while the rest lost.

Among the active losers were PLDT, going down by 2.10 percent or P66 to P3,084 per share; Alliance Global Group Inc. registering a 0.18-percent decline or 5 cents to P27.60 each; and Ayala Corp. slumping by 0.07 percent or 50 centavos to P668 apiece.

Total volume was at 1.3 billion shares, amounting to P5.5 billion.

Decliners far outnumbered advancers, 101 to 67, while 45 issues were unchanged.

On Tuesday, the PSEi dipped by 0.35 percent or 24.37 points to 6,974, while the wider All Shares index likewise declined by 0.13 percent or 5.32 points to 4,171.14.

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