Philippine stocks snap 7-day rally
The Philippine Stock Exchange Index (PSEi) snapped a seven-day winning streak on Friday as investors locked in gains while monitoring geopolitical tensions overseas.
The benchmark PSEi declined by 0.21 percent or 14.22 points to close at 6,611.24.
Philstocks financial research manager Japhet Tantiangco said the market’s pullback came as investors engaged in profit-taking following the recent rally.
Sentiment was also dampened by uncertainties surrounding the situation between the United States and Iran. This, after both sides failed to reach an agreement in recent talks.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said that with the benchmark nearing overbought levels, investors opted to lock in gains. This triggered a pullback that sent the index into negative territory.
“Despite the decline, the move was seen as a healthy correction, helping stabilize valuations amid sustained optimism about earnings and macroeconomic developments,” Limlingan said.
Trading activity remained robust, with the net value turnover reaching P13.18 billion.
Foreign investors remained net buyers, posting net inflows of P915.72 million.
Sectoral performance was mostly negative. Only conglomerates finished in positive territory, rising by 0.87 percent.
The property sector recorded the steepest drop, falling by 1.52 percent.
Market breadth was likewise weak, with decliners outnumbering advancers, 99 to 85.
Among index members, Aboitiz Equity Ventures, Inc. emerged as the top performer, climbing 4.43 percent to P34.20.
AREIT, Inc. was the worst performer for the day, losing 3.2 percent to close at P42.05.
