Shares falter as investors lock gains

The Philippine benchmark stock index saw a correction on Tuesday due to modest profit-taking while foreigners piled into the market, helping defend the 6,600 level.

By the closing bell, the Philippine Stock Exchange Index slipped 0.65 percent, or 43.45 points, to 6,637 while the broader All Shares Index was down 0.5 percent, or 17.54 points, to 3,506.23.

The market slump on Tuesday was broad-based as 501.4 millions shares valued at nearly P6 billion changed hands. On the other hand, foreigners were net buyers during the session to the tune of P461.2 million, data from the stock exchange showed.

All subsectors pulled back, with mining and oil taking the lead with a 1.45 percent decline. It was followed by industrial (-0.94 percent), holding firms (-0.65 percent), property (-0.63 percent), services (-0.51 percent) and financials sector (-0.23 percent). SM Prime Holdings Inc. was the most actively traded stock as it closed flat at P33.75 per share. It was followed by Ayala Land Inc., down 2.06 percent to P33.30; BDO Unibank Inc., up 0.22 percent to P139.30; International Container Terminal Services Inc., down 1.11 percent to P248.40; and Ayala Corp, down 0.07 percent to P680 per share.

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Universal Robina Corp. was up 0.08 percent to P120.20; SM Investments Corp., down 1.66 percent to P890; JG Summit Holdings Inc., up 2.2 percent to P41.90; Bank of the Philippine Islands, flat at P109 and Jollibee Foods Corp., down 1.42 percent to P263 per share.

Overall, there were 114 losers against 67 advancers while 58 companies closed unchanged, data from the stock exchange showed. INQ