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Manila Bulletin devider Business devider Stocks dip on profit-taking

Stocks dip on profit-taking

Published Jan 17, 2023 04:31 pm

The PSEi slipped due to profit taking after its recent runup but managed to stay above the 7,000 mark.

The main index shed 31.44 points or 0.45 percent to close at 7,014.04 with the Industrial sector leading theretreat while the Property and Services counters managed to advance. Volume remained high at 1.25 billion shares worth P10.14 billion as losers beat gainers 111 to 77 with 38 unchanged.

“Investors cashed in after the index touched the 7,000 level yesterday and ahead of the resumptions of trading in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “softer OFW cash remittances were logged in Nov. As per the BSP, money sent home by OFWs grew by 5.7 percent year on year to $2.64 billion--the lowest in six months.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as investors took some gains after the three consecutive days of the market’s rally. It is still testing the 7,000 to 7,100 resistance levels and we are seeing the 6,800 as a support area.”

She noted that, “Negative sentiment in Asia also affected our local bourse as investors digested some economic data in China.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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