PH Stocks End Rally, Keep Foothold Above 6,600

PSE-22FebManila—(PHStocks)—Philippine stocks ended their rally Friday as investors cash in on their gains. Similar to yesterday, the Philippine Stock Exchange index (PSEi) started the morning session on a lower note, declining by 0.41% to 6,641.16 as of 9:47am.

Profit taking continued to punish stocks across the board, pushing the PSEi down below the 6,600-point mark by 10:15am. Shares continued declining all the way to mid-day, when the PSEi shed 1.34% to pause at 6,578.07.

However, resilience remains, fuelled by continuing confidence in the market. Although profit taking bogged down the local stocks, losses were mostly marginal. The PSEi, in fact, managed to recoup its losses and curbed the decline to just 2.35pts, or 0.04%, as it closed the trading day at 6,665.06 – cementing its position at the 6,600 territory.

The wider All-Shares index likewise retreated, but kept its losses to a minimum – shedding only 0.08% or 3.24pts.

Coming from considerable losses over the past week, especially with the accident at Semirara Mining Corp.’s (PSE: SCC) coal sites, the Mining and Oil index is considered to start recovering losing only 0.66pts or 0.0031%.

Although the Holding Firms (-0.25%), Services (-0.57%) and Property (-0.26%) indices also suffered declines, the Financials and Industrial sectors withstood the onslaught, gaining 0.52% and 0.07%, respectively.

Trading was heavy, with turnover value reaching nearly PhP9.14 billion, with volume traded at 1.53 billion. There were 68 gainers against 94 decliners, while 48 stocks remained flat.

Below are the day’s top gainers:

Below are the biggest losers:

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