PSE Index Down On Profit-Taking

The Philippine Stock Exchange (PSE) index raced today to a new milestone level which was stalled by profit-taking and tumbled to 6,951.30 points, down by a hefty 106.15 points or 1.50 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 7, 2021

There was heavy trading in almost all the blue chips in the early going but the sell down cascaded to almost the shares as investors cashed in their gains resulting in the index closing at its lowest point after hitting a high of 7,098.30, a tad shy of a new high.

Market bellwether SM Investments mirrored the trading pattern as it rose to a high of P997 and a low of P975 before nosing up to p980, down by P20. Converge closed down to p37.50, a p20 decline after gyrating between a high of P44 and a low of P37.30 while Monde rose to p19.88 and dropped to p18.30 before closing at p18.50, a loss of 50 centavos.

Wilcon Depot emerged as the most active with a P2.65 increase to p34.30 after it earned a spot in the index while First Gen dropped by p2.40 to 27.60 arising from its being eased out of the index. AC Energy went up by 2 centavos to p12.42 while BDO Unibank gained by p1.50 to p116.

Value turnover amounted to p13.16 billion with losers twice More than gainers, 137 to 62 with 46 shares unchanged. Only the financials survived the sell down as it posted a 0.93 percent gain.

The services posted the biggest loss at 3.13 percent, holding firms, by 2.20 percent, mining and oil by 1.66 percent, industrials by 0.68 percent, and property by 0.20 percent.

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