rich9 Profit-taking drags PSEi below 7,300
Philippine Stock Exchange headquarters | INQUIRER FILES
Higher earnings results from some listed companies failed to lift the bourse on Tuesday as traders scrambled to pocket gains ahead of the long weekend break.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) dipped by 1.41 percent, or 103.26 points, to 7,239.98 as it failed to stay in the green territory during the entire trading day, snapping a two-day winning streak.
Article continues after this advertisementMeanwhile, the broader All Shares Index slipped by 1.46 percent, or 58.89 points, to close at 3,977.31.
FEATURED STORIES BUSINESS Alsons Dev expands with Nurtura, offering quality homes for young families BUSINESS BIZ BUZZ: Global brainstorming club coming BUSINESS How a Bible verse transformed my approach to personal financeREAD: Asian shares rise as markets await tech results
A total of 565.64 million shares worth P6.17 billion changed hands, stock exchange data showed.
Article continues after this advertisementLuis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders locked in their gains before the “Undas” break this weekend, pulling the bourse below the 7,300 level.
Article continues after this advertisementThe PSEi’s downtrend likewise came as Metropolitan Bank and Trust Co. (Metrobank), the country’s second-largest private bank, reported record earnings in the first nine months of the year to P35.7 billion.
Article continues after this advertisementInvestors dumped property stocks the most as the subsector slid by 2.29 percent due to declines in Ayala Land Inc. (ALI) and SM Prime Holdings Inc.
Ayala-backed Globe Telecom Inc. was the most actively traded stock as it dropped by 7.33 percent to P2,100 each.
Article continues after this advertisementIt was followed by BDO Unibank Inc., down 1.88 percent to P157; Bank of the Philippine Islands, down 0.14 percent to P147.20; International Container Terminal Services Inc., down 0.19 percent to P413; and ALI, down 3.18 percent to P33.50 each.
Metrobank was down 4.07 percent to P75.50; SM Prime, down 2.59 percent to P30.10; SM Investments Corp., one of the few gainers, up 0.16 percent to P965.50; Ayala Corp., down 1.88 percent to P706.50; and Converge ICT Solutions Inc., down 6.14 percent to P15.90 per share.
Subscribe to our daily newsletter
Losers overpowered gainers, 147 to 55rich9, while 41 companies closed unchanged, stock exchange data showed.
READ NEXT Alsons Dev expands with Nurtura, offering quality homes for yo... BSP commits to help PH exit FATF ‘grey list’ EDITORS' PICK Remembering our furry family: Filipinos honor deceased pets, strays LIVE UPDATES: Typhoon Leon Marcos to PCSO: Focus on charity work UAAP: UP dominates Ateneo, hands Tab Baldwin his worst loss Comelec reviews Vico Sotto’s letter vs rival, findings out next week Siargao hosts biggest tournament yet: 28th Siargao Int’l Surfing Cup QS5000 MOST READ Cona of party-list group nominees now on Comelec website LIVE UPDATES: Super Typhoon Leon Super Typhoon Leon to bring heavy rains over Northern Luzon RESULTS: PBA Finals Ginebra vs TNT Game 2 October 30 Follow @FMangosingINQ on Twitter --> View comments