Profit taking snaps PSEi win streak

Traders locking in gains after a big climb pulled down the local bourse on Wednesday despite expectations of a rate cut, which did happen.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.26 percent, or 19.31 points, to 7,437, snapping a two-session winning streak.

Meanwhile, the broader All Shares Index added 0.27 percent, or 11.11 points, to close at 4,097.56.

A total of 831.76 million shares worth P6.95 billion changed hands as foreigners made net purchases worth P841.27 million, stock exchange data showed.

Investors had not yet priced in the 25-basis-point cut in the benchmark interest rate of big banks, as the Monetary Board released its latest stance after the stock market closed.

“A rate cut was widely expected but it was not set in stone yet, so it’s likely that investors opted to pocket their gains in case of a negative surprise,” said Alfred Benjamin Garcia, research head at stock brokerage house AP Securities Inc.

BDO Unibank Inc., the banking arm of the SM Group, was the top-traded stock as it gained 0.62 percent to P162 per share.

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It was followed by Puregold Price Club Inc., which surged by 4.39 percent to P34.45; Robinsons Land Corp., up 4.63 percent to P16.74; Manila Water Co. Inc., up 1.85 percent to P27.50; and Bank of the Philippine Islands, flat at P140.60.

Other actively traded stocks were DMCI Holdings Inc., which rallied by 5.8 percent to P12.40 after it declared P6.4 billion in special cash dividends; International Container Terminal Services Inc., down 0.34 percent to P407; Metropolitan Bank and Trust Co., unchanged at P81.50; PLDT Inc., up 0.26 percent to P1,520; and Semirara Mining and Power Corp., flat at P34 each.

Losers edged out gainers, 101 to 86, while 75 companies closed unchanged, stock exchange data showed.