PSE INDEX DOWN ON PROFIT-TAKING

The Philippine Stock Exchange (PSE) index declined today on profit-taking after it appeared poised for another rise with the blue chips up in early trade, only to succumb to investors cashing in their gains to finish the day 12.55 points lower or 0.18 percent down to 6,937.96 points.

Net foreign buying amounted to P336 million on foreign buying of P2.02 billion and foreign selling of P1.68 billion, which augurs well for an upcoming positive sentiment but with investors in profit-taking mode, the index dropped, although minimally as most of the blue chips that posted losses had initial trading gains.

SM Prime emerged as the most active stock with trades of P976 million, of which P698 million were foreign buys, but it dropped by 10 centavos to close at P37.70 although it went to a high of P37.85, which is 5 centavos higher than its Friday close.

The next three top gainers also exhibited similar early gains before buckling under selling pressure. BDO Unibank, which had a short-lived high of P115.20, was down by P1.80 to P113.20, while Ayala Land flirted with a gain of 35 centavos before closing 30 centavos lower at P36.70.

ICTSI had a 35 centavo rise before closing at P161.40, lower by P2.60.

Value turnover amounted to P5.348 billion with 107 gainers, 96 losers, and 43 shares unchanged with market bellwether SM Investments posting a gain of P10 to P1,005 even with foreign selling of P41 million out of its P194 million trade.

The industrials, holding firms, and the mining and oil were up by 1 percent, 0.17 percent, and 1.38 percent, respectively, while the financials were down 0.75 percent, the services sub-index by 0.39 percent, and the property sub-sector by 0.34 percent.

Jollibee Foods lost 40 centavos to P215.60, while Metrobank and Bank of PI lost P1 to P88 and 20 centavos to P48.90, respectively. Converge was up by 50 centavos to P22.20 while Greenenergy advanced by 17 centavos to P4.52.

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