Profit-taking ends market’s run

MANILA, Philippines — The local market snapped its two-day climb as investors opted to cash in while waiting for catalysts.

The benchmark Philippine Stock Exchange index lost 0.58 percent or 40.49 points to end yesterday’s session at 6,882.92.

The broader All Shares index was also in the red, declining by 0.55 percent or 20.63 points, settling at 3,730.78.

“Philippine shares slipped into the red as investors await the return of foreign funds after the US was on holiday for the Labor Day weekend,” Luis Limlingan of Regina Capital said.

“Locally, investors are also awaiting the latest CPI (consumer price index), which is scheduled for release on Sept. 5,” Limlingan said.

Philstocks Financial research manager Japhet Tantiangco said trading was tepid as investors continue to wait for catalysts, primarily the country’s August inflation data.

Tantiangco said yesterday’s net value turnover of P4.96 billion was below the year-to-date average of P5.01 billion.

Local counters were dominated by those in the red, led by services, which plunged by 1.23 percent.

Only the holding firms index finished positively, inching up by 0.11 percent.

Market breadth was negative as decliners pounded advancers, 109 to 83, while 52 issues were unchanged.

Century Pacific Food registered the highest climb at 1.38 percent, while Wilcon Depot lost the most at 3.53 percent.

Among the most actively traded stocks were ICTSI (down 1.58 percent), BDO (unchanged), URC (down 0.33 percent), Ayala Land (up 0.43 percent) and SM Investments (up 1.01 percent).