Wipeout: Gains Erased as PH Stocks Plunge

Manila—(PHStocks)—Philippine stocks succumb to profit taking Tuesday, 11 June, after staging strong gains yesterday. The Philippine Stock Exchange (PSE) index plunged 4.64% or 318.95 points to close today’s trading at 6,556.65.

All across the region, stock markets have suffered the same fate: the Jakarta Stock Exchange Composite Index was down 3.5%; Thailand’s SETI, -4.97%; Nikkei 225, -1.45%; Hong Kong Hang Seng Index, -1.2%; and TOPIX, -0.97% – weighed down by Japan’s central bank policies, according to news reports.

All counters in the local bourse are back in red. The biggest loser was the Property index, which slashed 6.15% of its value. The Holding Firms sector was down by 4.81%, while the Industrials slid by 4.36%.

Trading was heavy. Value turnover reached PhP12.54 billion on 1.94 billion shares traded. There were only 24 gainers against 153 losers, while 23 stocks were flat.

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Top most active stocks for the day are SM Investments Corporation (SMIC, PSE: SM), Globe Telecom Inc. (PSE: GLO), Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), Ayala Corp. (PSE: AC), Ayala Land Inc. (PSE: ALI), SM Prime Holdings Inc. (PSE: SMPH), GT Capital Holdings Inc. (PSE: GTCAP), BDO Unibank Inc. (PSE: BDO), Universal Robina Corporation (PSE: URC), and Metropolitan Bank & Trust Company (Metrobank, PSE: MBT).

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