Philippines: Market rally ends as investors pocket gains

PHOTO

The stock market's four-day climb came to a halt yesterday as investors decided to pocket gains.

The benchmark Philippine Stock Exchange index slipped by 0.57 percent or 39.75 points to settle at 6,944.88.

The broader All Shares index also finished in the negative territory, declining by 0.53 percent or 20.09 points to close at 3,766.21.

Philstocks Financial research manager Japhet Tantiangco said the market succumbed to selling pressures after four days of rallying.

He said investors took a cautious stance while waiting for the US' August inflation data which could provide clues on the Federal Reserve's policy outlook.

'Investors also digested the widening of the Philippines' balance of trade in goods deficit last July amid a tepid export performance and the drop in its June foreign direct investment net inflows,' Tantiangco said.

Net value turnover, however, remained strong at P6.08 billion.

All counters were in the red, except for services, which eked out a 0.001-percent increase.

The property index was the biggest loser, plunging by 2.49 percent, followed by mining and oil, which fell by 1.11 percent.

Decliners pounded advancers, 131 to 66, while 47 issues were unchanged.

Converge ICT Solutions led the index members after gaining 4.18 percent, while SM Prime registered the largest drop at 3.31 percent.

Among the most actively traded stocks were BDO (up 2.19 percent), ICTSI (up 0.05 percent), DigiPlus (down 8.3 percent) and Philippine Seven Corp. (down 0.42 percent).