PSEi snaps five-day climb on profit taking before Lenten break
THE MAIN INDEX snapped its five-day rally on Wednesday due to profit taking before the Holy Week break.
The Philippine Stock Exchange index (PSEi) fell by 0.83% or 51.48 points to close at 6,134.62, while the broader all shares index went up by 0.28% or 10.34 points to end at 3,656.99.
Philippine financial markets are closed on April 17 (Maundy Thursday) and 18 (Good Friday).
“The local bourse pulled back this Wednesday as investors took a cautious stance, booking gains ahead of the long weekend,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“The local market also took cues from Wall Street’s overnight decline,” he added.
Wall Street closed lower on Tuesday amid tariff uncertainties. The Dow Jones Industrial Average fell by 0.38% or 155.83 points to 40,368.96; the S&P 500 dropped by 0.17% or 9.34 points to 5,396.63; and the Nasdaq Composite declined by 0.05% or 8.31 points to 16,823.17.
“Local shares ended the Holy Week-shortened trading week in the red as investors booked profits amid low volumes,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message. “On the economic front, markets absorbed the latest overseas Filipino worker remittance data.”
Cash remittances coursed through banks rose by 2.7% to $2.72 billion in February from $2.65 billion in the same month last year, the Bangko Sentral ng Pilipinas reported on Tuesday.
Most sectoral indices ended lower on Wednesday. Services declined by 1.85% or 36.48 points to 1,928.17; holding firms dropped by 1.4% or 72.28 points to 5,067.27; property went down by 0.25% or 5.71 points to 2,213.28; and financials retreated by 0.11% or 2.74 points to 2,391.55.
Meanwhile, mining and oil rose by 0.71% or 68.11 points to 9,640.09 and industrials climbed by 0.16% or 14.49 points to 8,758.83.
“Converge ICT Solutions, Inc. was the index’s leader for the day, climbing 3.95% to P19.48. ACEN Corp. was at the tail end, falling 4.08% to P2.82,” Mr. Tantiangco said.
Value turnover declined to P4.21 billion on Wednesday with 951.74 million shares traded from the P4.46 billion with 1.40 billion issues exchanged on Tuesday.
Advancers outnumbered decliners, 110 versus 79, while 51 names were unchanged.
Net foreign selling stood at P11.66 million on Wednesday, a reversal from the P205.99 million in net buying recorded on Tuesday. — Revin Mikhael D. Ochave
