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The Philippine Stock Exchange (PSE) index went down on profit-taking with all sub-indices in negative territory with hefty value turnover to close at 85.53 points lower or 1.23 percent to 6,968.56.
Opening low, the index flirted, for a while, with a higher inflection until some investors cashed in their gains with the property sub-index and that of industrials posting the big losses at minus 2.56 percent and 1.77 percent, respectively.
The other sub-indices declined: financials, down 0.86 percent, holding firms, 0.55 percent, services, 0.21 percent, and mining and oil, 0.47 percent.
Value turnover amounted to a huge P14.18 billion as investors rushed to take profits, with BDO Unibank emerging as the most active stock with P443 million in trades as it lost P1.50 to P116.40
The other banks that posted declines were Metrobank, down 65 centavos to PP49.45, Bank of PI, by 50 centavos to P87.50, Security Bank by P1 to P122.70, and PNB by 25 centavos to P23.
There were 76 gainers, 129 losers and 41 shares unchanged with second liner Ever Gotesco towing the advancers with a 17.54 percent rise as it closed 10 centavos higher to P0.67 with trades of P341 million. The other advancer among the second liners was Boulevard Holdings which rose from P0.003 to P0.117.
Market bellwether SM Investments was shaved by a peso to P999 with P226 million in trades, while property firms Ayala Land and SM Prime posted respective losses of P1 to P36.25 and P1.05 to P36.95.
Converge was up by 40 centavos to P23.05 on trades of P360.6 million, while PLDT was up by P6 to P1,287, and Globe was down P38 to P1,840.
Monde dropped by 14 centavos to P14.60, while Ayala Energy lost 28 centavos to P8.16, as investors profited from their gains.
Market analysts said that the market may enter a new phase of consolidation as economic realities filter in. So far, the economy is looking at a phased-in opening of several business establishments that could augur well for the market to hit the 7,000 point psychological level.
