MANILA, Philippines – Share prices slipped for the second straight day yesterday on continued profit taking.
The Philippine Stock Exchange index dropped 0.14 percent or 9.67 points to settle at 6,972.69, while the broader all shares index fell 0.31 percent or 13.61 points to 4,351.17.
Profit takers continued pocketing gains made in the past few trading days, said BDO Capital and Investments Corp. president Eduardo Francisco.
“That’s just a normal up and down movement of the market, nothing intrinsically negative about it,” Francisco said.
The market bucked the trend in Wall Street, whose Dow Jones industrial average gained 1.1 percent or 152.29 points to close at 14,719.46 while the Standard & Poor’s 500 index climbed one percent or 16.28 points to 1,578.78 given the run up of selected companies.
Locally, all counters, save for industrial companies that inched up 0.73 percent or 76.71 points to 10,606.43, were in the red.
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The laggards were led by mining and oil that lost 1.23 percent or 253.83 points to 20,381.48.
Turnover value jumped to P27.02 billion, boosted by a P15.26-billion share sale of Melco Philippines Resorts, from P11.82 billion on Tuesday.
Decliners outplayed advancers, 109 to 65, while 36 stocks did not change.
Casino and resort operator Melco Crown (-14.81 percent), Alliance Global Group Inc. (-3.43 percent) and Ayala Land Inc. (-1.59 percent) paced the losers.