PSEi succumbs to fresh profit taking
Local stocks retreated on Thursday as investors pocketed gains following a brief rally, while weak cues from Wall Street dampened sentiment.
The Philippine Stock Exchange Index (PSEi) closed at 6,471.25, down 0.42 percent or 27.57 points.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said even though the index fell 27.57 points, it was still near its one-month high or levels last seen on Jan. 15, 2026. It was also still among the highest in nearly seven months or since July 14, 2025.
“The PSEi corrected slightly, which we see as healthy profit-taking after two straight days of gains and after recently hitting a seven- to nine-month high,” Ricafort said.
Philstocks Financial Inc. also said the local market pulled back after a two-day advance, with negative spillovers from the US weighing on trades.
Philstocks financial research manager Japhet Tantiangco said activity remained subdued, with net value turnover at P5.66 billion, reflecting cautious positioning among investors.
Foreign funds were net sellers, posting net outflows of P96.67 million.
Sectoral performance was mixed. Mining and oil stocks led the market, climbing 2.49 percent. Property shares, however, dragged the index lower, shedding 1.83 percent.
Market breadth was negative as decliners outnumbered advancers, 122 to 78.
Among index members, International Container Terminal Services, Inc. emerged as the top performer, rising 2.84 percent to P689 each.
On the other hand, San Miguel Corp. was the worst performer, tumbling 5.65 percent to P71 per share.
