PSEi ends week lower on late selling

The local stock market ended the week lower, bucking the trend in overseas markets.

The main index dropped 44.44 points or 0.64 percent to close at 6,906.86 as the Services sector continued to lead the retreat at it suffered from profit-taking while the Financials and Mining and Oil counters advanced.


Volume jumped further to 1.9 billion shares worth P25.0 billion as gainers beat losers 105 to 83 with 46 unchanged.

“Philippine stocks were sold down at MOC (market-on-close) to make way the latest rebalancing addition, WLCON, while equities in other regions extended their gains for the third consecutive day,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that the Dow and the S&P 500 were higher ahead of the US jobs data on Monday.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Last minute profit taking sent the local marrket lower.”

He noted that, “Prior to the last minute sell-off, the market was in the green territory, reaching as high as 7,076.01 due to the positive spillovers from Wall Street.”

Tantiangco said “Trading was strong today as foreigners were net buyers with net inflows amounting to P1.47 billion.”