Shares track Asia, down after 3-day rally
Profit takers were likely locked in gains, as it was also the end of the month. There was relatively less volume than usual today, ahead of the long holiday weekend.
Daily TribuneProfit takers were likely locked in gains, as it was also the end of the month. There was relatively less volume than usual today, ahead of the long holiday weekend.
Shares at the Philippine Stock Exchange fell by 77.15 points to 6,153.43 on the last trading day of the week, down by 1.24 percent from Thursday's close along the downward trend of its Asian peers.
Luis Limlingan, head of sales at Regina Capital Development Corp., pointed out that the pullback seems to be an entirely technical reaction after three straight days of rallying.
Profit takers likely locked in gains, as it was also month-end. There was relatively less volume than usual today, ahead of the long holiday weekend, he said.
Foreign portfolio investments
Meanwhile, Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar noted that the wider net outflow of foreign portfolio investments in September compared to the same period last year brought negative sentiment.
The net market value turnover was at P3.99 billion on Friday. Except for Financials, which gained 0.55 percent, all sectors were in the red led by the Properties, which declined by 2.59 percent.
Among index members, the Bank of the Philippine Islands gained the most by 1.80 percent, while Monde Nissin Corporation was at the bottom, losing 6.56 percent.
Month-end gains
Profit takers likely locked in gains, as it was also month-end. There was relatively less volume than usual today, ahead of the long holiday weekend.
On the macroeconomic front, data from the BSP showed transactions on foreign investments registered with the central bank through AABs logged a net outflow of $367 million in September.
