Bourse drops, ignores US upswing

The bellwether index on Friday weakened 30.44 points, or  0.41 percent, to close at 7,428.30.

The majority of the sectors finished in green, with Miners leading the advancers at a 0.55  percent increase, followed by Services up by 0.24 percent. Holding Firms and Properties both inched up by 0.02 percent.

Meanwhile, Financials and Industrials were in the red. down by 1.9 percent and by 0.03 percent, respectively.

JG Summit Holdings, Inc. was the top index gainer, up by 2.73 percent to P28.25. BDO Unibank, Inc., on the other hand, was at the bottom, down by 3.41 percent to P 161.40.

Profit-taking causes red stream

“Profit-taking dragged the PSEi into the red despite remaining in overbought territory, ignoring positive U.S. market momentum. U.S. stocks rose as upbeat economic data, including a drop in jobless claims and steady durable goods orders, eased fears of a slowdown, with 2Q24 GDP holding firm at 3 percent,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Gold surged 0.6 percent  to $2,673.06/oz, while Brent crude dropped 2.53 percent to $71.60/bbl  following reports of Saudi Arabia eyeing raising oil output later this year, leaving its unofficial crude oil price target of $100 per barrel.

Value turnover was P6.952  billion. Winners edged Losers at 113  to 94, while 45  names were unchanged.

International Container Terminal Services, Inc. was the most actively traded stock at P750.8 million,  followed by  SM Investments Corporation at P698.63 million up by 0.10 percent.

The peso closed weaker at P56.077 to a dollar from 55.965 on Thursday.

It opened at 55.965,  with its lowest at 55.77 and highest at 56.1.

The weighted average was 55.892.