PSEi sinks below 6,300 on profit-taking
Recovery in some stocks last week enticed traders to sell their shares and pocket gains on Monday, thus dragging the local bourse below 6,300 amid the absence of a spark.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had shed 0.43 percent, or 27.05 points, to close at 6,288.88.
Likewise, the broader All Shares Index lost 0.27 percent, or 10.12 points, to end at 3,741.11.
A total of 746.65 million shares worth P6.2 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the dip was due mostly to profit-taking as traders took advantage of the rebound of some companies last week.
“Moreover, on a broader scale, the market seems to be in a consolidation phase, with investors likely waiting for more news before taking clearer directions,” Limlingan added.
International Container Terminal Services Inc. was the most actively traded stock as it rose 0.12 percent to P485.60 each, followed by index newbie DigiPlus Interactive Corp., up 3.27 percent to P26.85; Aboitiz Power Corp., down 2.81 percent to P41.55; BDO Unibank Inc., down 2.14 percent to P141.90; and SM Investments Corp., down 1.63 percent to P783 per share.
Others were Jollibee Foods Corp., up 4.12 percent to P227.40; Ayala Land Inc., down 0.19 percent to P26.30; Bank of the Philippine Islands, down 1.94 percent to P116.20; Bloomberry Resorts Corp., up 1.67 percent to P3.66; and Converge ICT Solutions Inc., down 3.33 percent to P14.50 each.
Losers outnumbered gainers, 105 to 85, while 63 companies closed unchanged, stock exchange data also showed.
