PH Stocks Succumb to New Round of Profit Taking

Manila—(PHStocks)—Philippine stocks take a breather on Friday, 20 September, as investors lock in their gains after the surge in the market on Thursday due to the U.S. Federal Reserve’s announcement that they will maintain their $85 billion bond-buying program.

The benchmark Philippine Stock Exchange index (PSEi) ended 1.34% lower to 6,424.45, dragged down by International Container Terminal Services Inc. (ICT) (-9.71%) and Energy Development Corp. (EDC) (-8%).

All counters, except for the Financials index (+0.58%), are back in the red, led by the Industrials (-2.26%), followed by the Property segment (-1.77%). The Financials was pulled up by Union Bank of the Philippines (UBP) (+3.68%) and Metropolitan Bank & Trust Company (MBT) (+2.48%). The wider All Shares index, meanwhile, was down by 1.39%.

Trading was heavy. Value turnover reached PhP28.8 billion on 3.16 billion shares traded. There were 64 gainers today against 93 losers, while 39 stocks remained flat.

The most active stocks in terms of value include Manila Electric Company (MER, PhP276.00, -3.5%), Union Bank of the Philippines (UBP, PhP124.00, 3.68%), Metropolitan Bank & Trust Company (MBT, PhP90.80, 2.48%), Alliance Global Group Inc. (AGI, PhP25.80, -0.77%), SM Prime Holdings Inc. (SMPH, PhP17.60, NC), SM Investments Corp. (SM, PhP812.00, -2.11%), Philippine Long Distance Telephone Co. (TEL, PhP3,068.00, 2.2%), LT Group Inc. (LTG, PhP19.08, -4.41%), BDO Unibank Inc. (BDO, PhP80.00, NC), and Ayala Corp. (AC, PhP616.00, -0.48%).

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