Profit-taking drags local bourse into red — analyst

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

The majority of the sectors were 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 red, down by 1.90 percent and 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 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.

“On the flip side, Hurricane Francine stirred things up in the Gulf of Mexico, pushing oil prices higher—Brent shot up +1.93 percent, settling at $71.97 per barrel,” he said in a Viber message.

Value turnover in the local stock market 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 P750,795,712, followed by SM Investments Corporation at P698,634,960, up by 0.10 percent.

The peso closed weaker at P56.077 to a dollar from 55.965 on Thursday. The currency pair opened at 55.965, with its lowest at 55.77 and highest at 56.1. The weighted average was 55.892.