Stocks slip back on profit-taking

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PHILIPPINE stocks fell back to the 7,200-points level on Tuesday as profit-taking set in following the market’s more than one percent surge on Monday.

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THE Philippine Stock Exchange index (PSEi) fell 90.84 points or 1.24 percent or to 7,222.01, while the wider All Shares index lost 42.04 points or 0.98 percent to 4,244.30.

Jonathan Ravelas, Banco de Oro vice president and chief market strategist, said there was active profit-taking due to the previous day’s sharp climb to 7,300 points.

Joseph Roxas, president of Eagle Equities Inc., said in a chance interview during the 8990 Holdings Inc. press briefing that the market remains in a consolidation phase and profit-taking was normal.

“Shareholders just sold some stocks after the surge to 7,300 points of the market. We are still in consolidation phase for the whole of November, which can still stretch to December. The market may go up on earnings but it is still subject to a downward trend,” Roxas said.

Roxas forecasts the market to trade within 7,000 to 7,400 points.

All sectors ended in the red on Tuesday. Financials edged down 2.89 points or 0.17 percent to 1,674.99, industrials lost 99.23 points or 0.85 percent to 11,611.79, and holding firms dropped 57.69 points or 0.90 percent to 6,321.77.

Services slumped 46.32 points or 2.07 percent to 2,194.50, mining and oil lost 141.34 points or 0.90 percent to 15,585.38 and property fell 28.76 points or 1.02 percent to 2,797.78.

Among the actively traded stocks, GT Capital Holdings and Security Bank were gainers, while the top losers were PLDT, Island Information and Technology Inc., BPI, Universal Robina Corp., Bloomberry Resorts Corp., Metrobank, SM Prime Holdings Inc., Ayala Land Inc.

Total volume of shares traded was 9.96 billion shares valued at P8.5 billion. Decliners outnumbered advancers 128 to 57, while 42 shares were unchanged.

On Monday, the bellwether PSEi surged by 1.35 percent, gaining 97.12 points to 7,312.85 amid optimism from the Bank of Japan’s expanded asset buying program and robust third quarter corporate earnings results. The All Shares also climbed 35.83 points or 0.84 percent to 4,286.34.

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