Shares decline on last-minute profit taking

PHILIPPINE shares finished lower on Friday as market investors went on a last-minute profit taking before the end of the trading week.

The benchmark Philippine Stock Exchange index (PSEi) fell 44.44 points or 0.63% to close at 6,906.86 while the broader all shares index declined 0.37% or 16.33 points to finish at 4,338.52.

Japhet Louis O. Tantiangco, Philstocks Financial, Inc. senior research and engagement supervisor, said in a mobile phone message that the local bourse closed lower on last minute profit taking.

“Prior to the last minute sell-off, the market was in the green territory, reaching as high as 7,076.01 due to the positive spillovers from Wall Street,” Mr. Tantiangco said.

“First Gen Corp. was the top index gainer, jumping 5.07% to P29.00. Converge Information and Communications Technology Solutions, Inc. remained as the main laggard, plunging 10.40% to P33.60,” he added.

On Thursday, the Dow Jones Industrial Average increased by 337.95 points or 0.98% to 34,754.94; the S&P 500 index climbed 36.21 points or 0.83% to 4,399.76; and the Nasdaq composite improved 151.11 points or 1.05% to 14,654.02.

“Philippine stocks were sold down at market on close to make way the latest rebalancing addition, Wilcon Depot Inc., while equities in other regions extended their gains for the third consecutive day ahead of the jobs data on Monday,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

It was previously announced that Wilcon Depot will replace First Gen in the main index effective Oct. 11.

On Friday, more than half of the sectoral indices declined. Services dropped 35.53 points or 1.81% to 1,918.5; holding firms retreated 72.80 points or 1.05% to

6,800.18; property went down 5.48 points or 0.17% to 3,061.85; and industrials decreased 10 points or 0.09% to 10,361.44.

In contrast, financials increased 23.14 points or 1.6% to 1,467.23 while mining and oil rose 124.75 points or 1.29% to 9,726.4.

Value turnover on Friday amounted to P25 billion with 1.9 billion shares switching hands, higher than the P13.17 billion with 1.4 billion shares traded the prior trading day.

Net foreign buying reached P1.47 billion, a turnaround from the net foreign selling worth P1.47 billion on Thursday.

Advancers bested decliners, 105 against 83, while 46 names closed unchanged. — Revin Mikhael D. Ochave