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PSEi down on profit-taking after 420-point rally

Business | The Stock Market

PSEi down on profit-taking after 420-point rally

By James A. Loyola

The local stock market succumbed to profit-taking after the PSEi rallied by almost 420 points from its bear market crash last Friday.

The main index shed 39.11 points or 0.62 percent to close at 6,241.97 as the Property sector led the correction while the Industrial and Mining counters continued to advance.

Volume declined to 623 million shares worth P5.13 billion although gainers still outnumbered losers 91 to 85 with 60 unchanged.

“Philippine investors finally took some profit after several days of rallying from the local market as many continue to assess the latest CPI report and the latest geopolitical movements abroad,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Yesterday's benign inflation print strengthens the case for future monetary easing, supporting a more favorable outlook for equities. U.S. stocks rallied on Wednesday, marking a second consecutive day of gains as investors shrugged off earlier trade concerns.”

Related Tags

Regina Capital Development Corporation Luis Limlingan Philippine Stock Exchange index (PSEi)

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