Market Jitters, Profit Taking, Pull Down PH Stocks

Manila—(PHStocks)—After yesterday’s sharp recovery, investors cashed in on their gains while others stayed away from the markets amid jitters across the region.

The positive news of the Philippines’ first quarter GDP growth of 7.8%—which beats analysts forecasts, outpaces most ASEAN countries including Indonesia’s 6%, Thailand’s 5.3%, and Vietnam’s 4.9%, and even beating that of China’s 7.7% GDP growth for the same quarter—did very little to stimulate the local bourse. At the end of the trading day, the benchmark Philippine Stock Exchange (PSE) index plunged by 3.81% or -275.22 points to close at 6,953.35.

All counters are back in the red, led by the Property sector, which slid by 4.12%. The Financials came in at second, losing 4%, while the Holding Firms index shed 3.57%. The wider All Shares index dropped by 3.02%, even as news of the Philippines improving in the World Competitiveness Report come out.

Overall, trading was heavy. Value turnover reached PhP16.86 billion on 1.97 billion traded shares. There were only 15 gainers against 160 losers, while 38 stocks were flat.

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The top most active stocks were SM Investments Corporation (SMIC, PSE: SM), Ayala Corp. (PSE: AC), Metropolitan Bank & Trust Company (Metrobank, PSE: MBT), International Container Terminal Services Inc. (PSE: ICT), and Ayala Land Inc. (PSE: ALI).

The only 15 stocks that managed to eke out gains amid the bloodbath are as follows:

The top worst performer for the day were:

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