Stocks plunge anew on profit taking

MANILA, Philippines — Share prices ended the week in the red as investors continued to take profits.

After nearing the 7,000 level a few days ago, the Philippine Stock Exchange index (PSEi) once again plunged below the 6,800 level yesterday.

The PSEi closed at 6,780.13, down by 1.21 percent or 82.88 points, while the broader All Shares index fell by 0.56 percent or 21.18 points to 3,788.21.

“The local market extended its decline as investors continued with their profit taking, maintaining a cautious stance amid the lack of fresh positive leads,” Philstocks Financial research manager Japhet Tantiangco said.

“Also weighing on the market was the weakness of the local currency against the dollar, already touching the 59 level,” he said.

Tantiangco said yesterday’s net value turnover of P3.11 billion was below the year-to-date average of P5.17 billion.

Foreigners were net sellers with net outflows amounting to P584.49 million.

Mining and oil was the only sector in the positive territory, inching up by 0.07 percent, while the rest were in the red.

The services index took the biggest hit, dropping by 1.61 percent, followed by holding firms with a 1.49-percent decline.

Decliners pummeled advancers, 108 to 76, while 64 issues were unchanged.

Among index members, Bloomberry Resorts posted the largest gain at 2.83 percent, while Wilcon Depot has the worst performance with a 4.27-percent drop.

Bank of the Philippine Islands was the top traded company, decreasing by 0.89 percent to P134.30 per share, followed by SM Investments with a 2.32-percent decline to P883.