PHILIPPINE SHARES sank to the 6,200 level anew on Thursday despite trading higher for most of the session as investors booked profits at the last minute.
The Philippine Stock Exchange index (PSEi) fell by 1.02% or 64.94 points to end at 6,265.52, while the all shares index decreased by 0.08% or 3.02 points to 3,675.78.
This was the PSEi’s lowest close in nearly seven months or since it finished at 6,158.48 on June 21, 2024.
The index opened Thursday’s session higher than Wednesday’s close at 6,370.58. It climbed to an intraday high of 6,419.26 but succumbed to a late selloff to end at its lowest level for the session.
“The market was in the green territory for the most part of the day, driven by the positive spillovers from Wall Street and the ceasefire deal between Israel and Hamas. However, investors turned cautious towards the end of the session, leading to last-minute profit taking which brought the bourse down,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Philippines shares made a complete turnaround, closing at the 6,200 level despite trading in the green and reaching 6,400 earlier in the session,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
US stocks surged on Wednesday, with all three major indexes registering their biggest daily percentage gains in more than two months, as lower-than-expected December core inflation data and solid earnings from major US banks fueled a rally, Reuters reported.
The Labor Department said the consumer price index increased the most in nine months as energy costs rose, although a measure of underlying inflation pressures subsided.
The Dow Jones Industrial Average rose 703.27 points or 1.65% to 43,221.55; the S&P 500 gained 107.00 points or 1.83% at 5,949.91; and the Nasdaq Composite advanced 466.84 points or 2.45% to 19,511.23.
Almost all sectoral indices closed lower on Thursday. Financials slumped by 1.69% or 36.43 points to 2,113.85; property dropped by 1.10% or 26.04 points to 2,331.66; holding firms went down by 0.65% or 34.5 points to 5,270.83; industrials declined by 0.35% or 31.87 points to 8,916.97; and services inched down by 0.08% or 1.74 points to 2,089.12.
Meanwhile, mining and oil rose by 1.28% or 99.78 points to 7,886.01.
“ACEN Corp. was the day’s index leader, jumping 4.26% to P3.67. BDO Unibank, Inc. was at the bottom, falling 4.03% to P138.00,” Mr. Tantiangco said.
Value turnover climbed to P6.19 billion on Thursday with 966.92 million shares exchanged from the P5.44 billion with 592.49 million issues traded on Wednesday.
Advancers bested decliners, 104 versus 96, while 40 issues were unchanged.
Net foreign selling increased to P1.10 billion on Thursday from P540.58 million on Wednesday. — Revin Mikhael D. Ochavewith Reuters
