Profit Taking Pulls Back PH Stocks Rally

Manila—(PHStocks)—Philippine stocks broke past the 6,000 barrier early in the trading session Thursday, 19 December, due to the announcement of the Fed’s tapering of its QE programme starting next month, but  finished the trading day in the red as investors lock their gains.

The Philippine Stock Exchange index (PSEi) gained as much as 98.23 points in the morning session amid the Fed announcement, but went down by 38.43 points to 5,923.12 at the end of the trading day as investors took in their profits.

Except for the Industrial (+0.41%) and Mining and Oil (+0.63%), all counters are back in the red, led by the Holding Firms segment (-0.97%) and Financials (0.9%). The wider All-Shares index was nearly flat (-0.08%).

Trading was moderate, with value turnover reaching PhP6.7 billion on 626 million traded shares. There were 86 gainers against 66 losers, while 37 stocks were flat.

Top most active in terms of value:

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