Market succumbs to profit-taking anew

February 28, 2024 | 12:00am

MANILA, Philippines — The stock market succumbed to another round of profit-taking, slumping for the second straight session.

The Philippine Stock Exchange index yesterday closed at 6,860.67, lower by 0.45 percent or 30.82 points.

The All Shares index also fell by 0.48 percent or 17.4 points to settle at 3,583.09.

“Philippine shares continued to be sold down following the sentiment in the US, as the market halted its prior rallies, with investors awaiting for more inflation related data,” Luis Limlingan of Regina Capital said.

“Investors are also keeping to cash as they assess the release of more local earnings,” he said.

Local counters were dominated by those in the red territory, led by mining and oil, which retreated by 1.92 percent, while property and financials lost more than one percent each.

Services, meanwhile, inched up by 1.12 percent and industrial eked out a 0.05 percent gain.

Market breadth was negative as decliners crushed advancers, 112 to 63, while 49 issues were unchanged.

Total value turnover stood at P5.66 billion.

Most actively traded stocks during the session included BDO (down 3.81 percent), ICTSI (up 3.60 percent), SM Prime (down 1.52 percent), Ayala Corp. (down 2.12 percent), and Ayala Land (down 1.40 percent).

Asian markets were mostly muted yesterday after record-setting gains last week, with traders eyeing the release of US economic data this week that could offer a better sense of when the US Federal Reserve may start cutting rates.