Downtrend Continues

World economics. Finance concept.Manila—(PHStocks)—Philippine stocks declined further in Friday, 17 May, amid continued profit taking. The mainboard Philippine Stock Exchange (PSE) index slid by 0.42% or -31.07 to 7,279.87 as investors continued to cash in on gains achieved over the previous rally.

Despite the bloodshed, the Financials index managed to pull in a gain of 0.03%. The rest of the counters were down, led by the Mining and Oil index, which lost 1.91%. The Property sector, meanwhile, declined by 1.46%, and the Services sector shed 0.61%. Overall, the declines are minimal, overall. The wider All Shares index slid by just 0.36%.

One key highlight during the day’s session was the IPO of the Asia United Bank Corp. (PSE: AUB). The stock was the top most active during the day, and was one of the top price gainers, gaining 9.47% from its opening price.

Trading was heavy. Value turnover reached PhP13.42 billion on 1.9 billion shares traded. There were 65 gainers against 101 losers, while 44 stocks were flat.

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Apart from AUB, the other most active stocks are Metro Pacific Investments Corporation (MPIC, PSE: MPI), Alliance Global Group Inc. (PSE: AGI), SM Investments Corporation (SMIC, PSE: SM), Metropolitan Bank & Trust Company (Metrobank, PSE: MBT), Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), International Container Terminal Services Inc. (PSE: ICT), SM Prime Holdings Inc. (PSE: SMPH), Universal Robina Corporation (PSE: URC), and Manila Electric Company (PSE: MER).

Below are the top gainers for the day:

Below are the top decliners:

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