Stock market gives way to profit takers

MANILA, Philippines - The local benchmark index yielded yesterday to profit taking, closing in negative territory despite hitting an all-time intraday high.

After closing at new high for the year on Wednesday, the Philippine Stock Exchange index (PSEi) declined 0.83 percent or 61.08 points to 7,294.21, while the broader all shares index slipped 0.59 percent or 25.72 points to 4,314.90.

The PSEi on Thursday also managed to record an all-time intraday high of 7,413.62.

Alexander Tiu, AB Capital Securities Inc. analyst, said  profits became too attractive in the morning session as investors opted to cash in their gains after the market hit an intraday high.

“The market breached the 7,400-level in the morning trade and even hit an intraday high. Unfortunately, it was not able to support in the afternoon session due to profit-taking,” Tiu said.

The local stock market bucked the uptrend in the US market, led by the Nasdaq which gained 1.03 percent or 46.53 points.

All counters ended in negative territory with the property firms – Wednesday’s biggest gainers – suffering the biggest blow with a 1.59 percent or 46.05 points drop.

Value turnover slid to P9.48 billion from P11.37 billion the previous day as decliners defeated advancers, 113 to 61, while 53 stocks were unmoved.