Investors take profits ahead of Holy Week break

March 23, 2024 | 12:00am

MANILA, Philippines — The stock market fell below the 6,900 level once more to end the week in the red as investors cashed in on their profits.

The benchmark Philippine Stock Exchange index fell by 1.17 percent or 81.25 points to end at 6,881.97, snapping a brief two-day rally.

The broader All Shares index also went down by 0.76 percent or 27.34 points, settling at 3,587.90.

“Philippine shares succumbed to profit taking as the Holy week starts, even with the DJIA up by 0.83 percent and the S&P 500 rising by 0.56 percent,” Luis Limlingan of Regina Capital said.

“Local investor sentiment was also subdued following remarks from the Fed chief affirming their commitment to rate cuts within the year,” he said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected lower despite continued record highs for the US stock markets lately

“The PSEi corrected lower, a healthy profit-taking, despite continued record highs for the US stock market lately due mostly stronger-than-expected US economy data,” Ricafort said.

Services emerged as the biggest loser among the sectors, plunging by 4.33 percent, followed by property, which suffered a 1.62-percent drop.

Industrial as well as mining and oil, meanwhile, managed to eke out gains of 0.43 percent and 0.31 percent, respectively.

Total value turnover stood at P5.86 billion.

Market breadth was negative as decliners crushed advancers, 111 to 80, while 52 issues were unchanged.

Among the most actively traded stocks were Ayala Land (down 2.32 percent), BDO (down 0.19 percent), ICTSI (down 7.44 percent), Ayala Corp. (down 2.69 percent) and Metrobank (up 1.23 percent).