PSEi inert as investors take profits
Neither bulls nor bears prevailed on Thursday as the Philippine Stock Exchange Index (PSEi) barely moved. Investors took cover ahead of the busy earnings season.
By the end of the session, the benchmark index lost 0.007 percent, or 0.43 points, to close at 6,093.67. The PSEi was in the green territory nearly the entire session before selling pressure eventually won by the closing bell.
Meanwhile, the broader All Shares Index added 0.04 percent or 1.32 points to end at 3,672.2.
A total of 3.12 billion shares worth P9.82 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders were “likely positioning themselves ahead of the earnings season.”
This, after Bank of the Philippine Islands (BPI) reported record-high nine-month earnings of P50.5 billion. That meant a 5.2-percent rise in profit as its top line grew.
At the same time, last-minute profit-taking also took over following the bourse’s three-session winning streak, said Japhet Tantiangco, research head at Philstocks Financial Inc.
The sectors ended mixed, with services firms bleeding the most and the conglomerates seeing the steepest climb.
International Container Terminal Services Inc. emerged as the top-traded stock, losing 1.82 percent to close at P540 each. It was followed by BDO Unibank Inc., up 0.72 percent to P140; BPI, up 1.03 percent to P108; SM Investments Corp., up 0.95 percent to P742; and Puregold Price Club Inc., up 3.08 percent to P40.10 each.
