Connect with us

Hi, what are you looking for?

Economy

Stocks decline further as investors pocket gains

By Revin Mikhael D. Ochave, Reporter

THE MAIN INDEX closed lower on Wednesday, extending its decline to a second day, as investors booked profits from the local market’s heavyweights.

The benchmark Philippine Stock Exchange index (PSEi) fell 15.26 points or 0.21% to end at 7,242.85, while the broader all shares index dropped 2.83 points or 0.06% to 4,334.93.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the market ended lower as investors pocketed their gains on index heavyweights such as Ayala Corp. (AC), Ayala Land, Inc. (ALI), and JG Summit Holdings, Inc.

On Wednesday, shares in AC fell P21.50 or 2.56% to end at P818.50 apiece; ALI stocks declined P1.05 or 2.53% to close at P40.40 each; and stocks of JG Summit lost 30 centavos or 0.41% to end at P72 per share.

“Funds went more into second liners and speculative stocks allowing the overall market to have a positive breadth,” Mr. Tantiangco said.

Advancers bested decliners yesterday, 131 against 105, while 37 names ended unchanged.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the market closed lower as investors were on a “wait and see” mode.

“Volatility on blue chips continues to die down while second and third liners remain extremely active. Investors are waiting until economic activity can justify current blue chip valuations before buying any higher,” Mr. Mangun said in an e-mail.

“The main index has stalled every time it climbed above 7,200. There is still a lot of uncertainty and we will not see the market go higher until we see more good news,” he added.

Finance Secretary Carlos G. Dominguez said at a virtual meeting of the Management Association of the Philippines (MAP) on Tuesday that preliminary data showed the national government’s budget deficit reached P1.36 trillion or around 7.5% of the country’s gross domestic product.

Majority of sectoral indices finished lower on Wednesday, except for mining and oil, which rose 207.83 points or 2.13% to 9,954.71, and financials, which improved 21.99 points or 1.49% to 1,490.08.

Meanwhile, property retreated 43.65 points or 1.16% to 3,695.47; industrials declined 42.63 points or 0.44% to 9,546.44; services went down 2.61 points or 0.16% to 1,538.85; and holding firms lost 11.46 points or 0.15% to 7,413.42.

Value turnover reached P9.17 billion on Wednesday with 17.08 billion issues switching hands, lower than the P9.74 billion with 41.52 billion issues seen in the previous trading session.

Net foreign selling amounted to P220.06 million yesterday, higher than the P25.03 million worth of net outflows logged on Tuesday.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...

Investing

UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...

Investing

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....

Investing

Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

Economy

Expenditures for environmental protection declined by 4.6% year on year in 2021, data from the Philippine Statistics Authority (PSA) showed. The statistics agency’s Compendium...

Investing

BT staff have voted for their first national strike in 35 years, which is expected to affect customers across the country having broadband services...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.