SHARE prices retreated on Thursday on profit-taking, with the Philippine Stock Exchange (PSE) joining regional peers in the decline.
“The local bourse eased off from the gains seen earlier this week,” stockbroker SB Equities Inc said.
It noted a strong $5.16 million selloff from foreign funds that contributed 56 percent to yesterday’s trade.
The benchmark Philippine Stock Exchange index (PSEi) shed 10 points to 6,158.48, a 0.16 percent drop.
The broader All Shares index declined by 0.53 points or 0.01 percent to 3,658.25.
Gainers outnumbered losers 112 to 90, with 36 stocks unchanged. Trading turnover reached P6.13 billion.
Online stock trading platform Philstocks Financial Inc. said the market traded sideways for most of the session before closing in the red.
“The miners led the sectors, adding 2.1 percent. The services lost the most, shedding 1.47 percent,” Philstocks said.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market continued to trade in a “narrow range” following US President Donald Trump’s softened stance on the trade war with China, which lifted market sentiment in the US overnight.
Limlingan also noted that Trump’s pronouncement that he had no plans to remove US Federal Reserve Chairman Jerome Powell helped calm market anxiety.
Reuters said overseas, the share market in Taipei fell 0.8 percent, while equities in South Korea and Thailand dropped 0.1 percent and 0.2 percent, respectively. Indonesia dropped 0.2 percent.
Most actively traded International Container Terminal Services Inc. lost P13 to P340. Globe Telecom Inc. shed P45 to P1,965. BDO Unibank Inc. shed P1 to P160. Ayala Land Inc. gained P0.10 to P24.70. Universal Robina Corp. rose P3.90 to P75.40. SM Prime Holdings Inc. declined by P0.15 to P22.20. DigiPlus Interactive Corp. closed up P0.85 at P38.90. SM Investments Corp. rose P10 to P825. Manila Electric Co. fell P12 to P560. Metropolitan Bank and Trust Co. lost P0.20 to P72.80.
