Profit-taking snaps market’s 4-day climb

MANILA, Philippines — The stock market snapped its winning streak as investors pocketed gains from a four-day rally.

The Philippine Stock Exchange index (PSEi) shed 1.61 percent or 112.62 points to close in the negative territory for the first time this week at 6,863.01.

Also finishing lower was the broader All Shares index which fell by 0.99 percent or 38.02 points to 3,809.39.

“Philippines shares finally succumbed to profit taking after successive sessions in the green, while Wall Street closed mixed as concerns over Nvidia’s earnings and escalating political tensions weighed on investor sentiment,” Luis Limlingan of Regina Capital said.

RCBC chief economist Michael Ricafort said that also weighing on the bourse was the continued weakness of the peso against the dollar.

He said the 7,000-mark continues to be the next psychological resistance for the PSEi.

Net value turnover amounted to P4.36 billion, lower than the previous day’s P4.82 billion.

All counters were in the red, except for services which increased by 0.70 percent.

Holdings firms and property were the biggest losers, plunging by 2.83 percent and 2.19 percent, respectively.

Market breadth remained negative as decliners crushed advancers, 111 to 86, while 57 issues were unchanged.

ICTSI was the top index gainer and most actively traded company, climbing by 2.26 percent to P408 per share, followed by Ayala Land which declined by 1.16 percent to P29.95.

SM Investments, meanwhile, lost the most among index members with a 5.78 percent drop.