PSE down 0.85% as investors take profits
THE stock market retreated on Thursday as both local and foreign investors cashed in on gains following two days of advances.
The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.85 percent or 63.50 points to close at 7,387.87 while the broader All Shares dipped 0.67 percent or 30.07 points to finish at 4,462.44.
“The fall was due to profit-taking activities by our investors, both local and foreign … from a net foreign buying [position] on Wednesday, the market today posted a net foreign outflow of P580.19 million,” Philstocks Financial, Inc. research associate Japhet Tantiangco said.
“Also, the previous rally was unsustainable given that the market was operating on low value turnovers,” he added.
Papa Securities Corp. trader Gio Perez also pointed to foreign selling as having weighed on PSEi.
“Net foreign selling still remains as a looming figure over the PSEi especially with today’s figure,” he said.
Foreign funds on Thursday bought P1.7 billion issues and sold P2.3 billion.
The services sector was the only gainer for the day, inching up by 0.03 percent, while all other counters slipped.
More than 672 million issues valued at P3.68 billion were traded.
Losers led winners, 117 to 72, while 46 issues were unchanged.
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