18 Sep PSEi slips as investors took profits
PHILIPPINE shares ended the week in negative territory after investors booked profits to steer clear of market uncertainties during the weekend.
The bellwether Philippine Stock Exchange index (PSEi) fell 34.62 points or 0.58% to close at 5,908.9 while the broader all-shares index dropped 9.05 points or 0.25% to 3,553.58.
In a mobile phone message, Philstocks Financial Inc. Research Associate Claire T. Alviar said that aside from investors taking profit, the market also reeled from the decline of market heavyweight SM Investments Corp. (SM).
On Friday, SM plummeted 3.65% or P33 to end at P872 per share, which according to Ms. Alviar, was the sharpest drop during the trading day.
“Further profit taking dragged the bourse near its immediate and short-term support of 5,900 level,” she said.
Meanwhile, Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said the local market skipped out on the upward trend among most Asian markets.
Other Asian markets were in the green during the close of the local bourse. Japan’s Nikkei 225 and Topix indices, Hong Kong’s Hang Seng index, and China’s CSI 300 index were all recording gains as of press time.
“Investors remain cautious over the country’s economic performance as we head to the last quarter of the year,” Mr. Pangan said in a mobile phone message.
Back home, the market’s sectoral indices posted varying results on Friday.
Financials rose 8.79 points or 0.76% to 1,154.57; mining and oil went up 5.91 points or 0.09% to 6,060.68; and services climbed 1.02 points or 0.07% to 1,463.5.
Meanwhile, holding firms declined 70.27 points or 1.13% to 6,143.69; property shrank 28.94 points or 1.04% to 2,743.25; and industrials fell 11.21 points or 0.14% to 7,844.97.
Trading value was at P7.64 billion on Friday with 767.34 million shares changing hands, against Thursday’s P6.01 billion with 952.32 million shares.
Advancers and decliners ended at 94 names each, while 46 ended unchanged.
Net foreign selling amounted to P892.27 million, down from the previous day’s P1.17 billion. “We may have to see if the index manages to stay above the 5,750 support area, while 6,200 remains the immediate resistance level for the bourse,” Timson’s Mr. Pangan said. — Revin Mikhael D. Ochave