PSEi down as investors pocket previous days’ gains

Traders trying to lock in gains after the market’s brief recovery weighed on the local bourse on Friday.

By the closing bell, the Philippine Stock Exchange Index (PSEi) shed 0.41 percent, or 30.44 points, to 7,428.30.

Likewise, the broader All Shares Index went down by 0.19 percent, or 7.67 points, to close at 3,970.43.

A total of 1.37 billion shares worth P6.92 billion changed hands as foreigners made net purchases worth P175.76 million, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said profit-taking “dragged the PSEi into the red despite remaining in the overbought territory.”

When a stock market is overbought, it means its price has rapidly risen in a short period of time. This can often result in short-term selling.

Banks were the biggest losers with a 1.90-percent decline.

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International Container Terminal Services Inc. was the most actively traded stock as it remained flat at P410 each.

It was followed by SM Investments Corp., up 0.10 percent to P996; BDO Unibank Inc., down 3.41 percent to P161.40; Bank of the Philippine Islands, down 0.72 percent to P137; and Ayala Land Inc., down 2.23 percent to P37.20 per share.

Gainers edged out losers, 113 to 94, while 45 companies closed unchanged.