Stock market dips on profit-taking
Credit to Author: TYRONE JASPER C. PIAD| Date: Fri, 25 Jan 2019 16:20:30 +0000
The stock market dipped on Friday as investors cashed in following a surge earlier in the day.
The benchmark Philippine Stock Exchange index fell by 0.14 percent or 11.70 points to close at 8,053.20 while the wider All Shares dropped 0.16 percent or 7.61 points to finish at 4,853.62.
“Our index closed slightly lower today as investors took profits when our market revisited the 8,100 level earlier,” Timson Securities Inc. trader Jervin de Celis said.
Below-target economic growth results for 2018 have already been priced in, he added, thus there is “not much to worry” about as long as the market stays above 7,900 support.
Regina Capital Development Corp. head of sales Luis Limlingan, meanwhile, said “Philippines shares traded slightly lower after several regional events and economic data did not stir any interest heading into the weekend.”
Hong Kong jumped 1.7 percent and Shanghai ended up 0.4 percent while Tokyo closed one percent higher.
Back in Manila, all sectors finished in the green except for holding firms.
Volume turnover stood at 1.33 billion shares valued at P7.37 billion.
Winners led losers, 101-87, while 50 issues were unchanged.
with a report from AFP
The post Stock market dips on profit-taking appeared first on The Manila Times Online.