PSEi Snaps 6-day Climb, Succumbs to Profit-Taking

(PNA) — Philippine equities snapped a six-day advance Thursday on profit-taking and fears of a possible United States (US) interest rate hike.

The barometer Philippine Stock Exchange index (PSEi) declined 72.60 points, or 0.95 percent, to 7,589.95 from previous day’s 7,662.55 close.

“Profit taking and renewed fears that the US will hike as early as next month caused today’s fall,” said Banco de Oro Unibank chief market strategist Jonathan Ravelas.

Ravelas said mixed second-quarter corporate earnings failed to lift the stock market.

Almost all counters lost significantly, with industrial companies suffering the steepest decline of 1.43 percent.

Most active stocks were in the red, led by Universal Robina Corp., SM Prime Holdings Inc., Philippine Long Distance Telephone Company, Globe Telecom Inc. and BDO Unibank Inc.

Volume of transactions reached 1.08 billion shares valued at Php7.43 billion.

Decliners swamped advancers, 102 to 58, while 50 issues were unchanged. (PNA) RMA/LDV