PSEi slipped as investors take profits

The local stock barometer returned to the doldrums on Thursday as investors locked up gains from buoyant prices in the past two sessions.

The Philippine Stock Exchange Index (PSEi) shed 33.24 points or 0.53 percent to close at 6,291.85.

The market shrugged off good tidings from Wall Street, where key indices surged to record highs overnight on increasing bets that the US Federal Reserve may soon cut interest rates.

As the second quarter earnings season headed to its final stretch, investors started to run out of fresh incentives to accumulate stocks. Instead, many were tempted to pocket gains.

“The market slipped today as some investors may have already taken profits following the index’s series of uptrends this week,” said Luis Gerardo Limlingan, head of sales at Regina Capital Development.

“Furthermore, investors are likely still waiting for developments in stock market news that could influence the overall market, along with the upcoming implementation of the PSEi rebalancing,” he said.

Volatile DigiPlus Interactive fell by 19.83 percent as investors digested its coming PSEi debut.

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Converge ICT tumbled by 7.46 percent on concerns that the ‘Konektadong Pinoy’ bill could heat up competition.

Port operator ICTSI fell by 1.84 percent, while SM Investments lost 1.13 percent.

On the other hand, Jollibee gained 2.33 percent after reporting that second quarter earnings have picked up pace after a slow start this year.