Profit taking halts market climb

MANILA, Philippines —  The stock market failed to sustain its climb as profit taking snapped its three-day winning streak. The Philippine Stock Exchange index slipped by 0.64 percent or 44.14 points to finish yesterday’s session at 6,900.62.

Also closing in the negative territory was the broader All Shares index, which declined by 0.13 percent or 4.71 points to 3,724.38.

Analysts said investors decided to book gains after three consecutive days of rallying.

“Philippine shares succumbed to profit taking after hitting 7,000 intraday on Tuesday as investors started to keep to cash ahead of the long weekend,” Luis Limlingan of Regina Capital said.

Philstocks Financial research manager Japhet Tantiangco said the local market also reflected the weakening in US stocks on Tuesday.

“The local bourse also took cues from Wall Street’s decline wherein investors took a cautious stance while waiting for the Jackson Hole Economic Symposium where the Fed may give clues on their policy outlook,” he said.

Tantiangco said trading weakened yesterday with net value turnover amounting to P4.75 billion, lower than the year-to-date average of P4.95 billion

All sectors closed in the red, except for industrial, which eked out a 0.14 percent increase.

The property index suffered the biggest blow, dropping by 1.53 percent, followed by financials, which fell by 1.04 percent.

Market breadth remained negative as decliners crushed advancers, 130 to 78, while 49 issues were unchanged.

Jollibee Foods led the index members with a 1.71-percent surge while Ayala Land registered the largest decline at 3.35 percent.