Profit taking drags down Phl stocks

MANILA, Philippines - Philippine stocks tumbled yesterday due largely to profit taking, analysts said.

The benchmark stock index managed to hang on above the 7,800 level despite falling 0.39 percent or 30.28 points to end at 7,809.54.

The broader all shares index likewise declined 0.12 percent or 5.49 points at 4,545.05

“The PSEi joined an early cheery mood across the region but later tamed by a degree of profit-taking pulling the market to the company of Australia, Singapore and Malaysia in the red,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

“This marks only the second weekly loss sustained by the market over the first 10 for this year,” Calaycay said.

Asian shares were generally higher yesterday with Japan’s Nikkei leading the charge as it picked up 1.6 percent.

On Wall Street, the Dow and Nasdaq recovered from their two-day slump as they climbed 1.47 percent and 0.89 percent, respectively.

Four of the six counters locally were down, led by property and services firms which declined by more than one percent each.

Industrial and financial companies were yesterday’s only bright spot, improving 0.24 and 0.08 percent, respectively.

Gainers triumphed over decliners, 90 to 77, while 49 stocks were unchanged. Turnover value thinned to P8.71 billion from the previous day’s P9.40 billion.