Profit Taking Halts PH Stocks Rally

PHStocks 06/05/2013 0 Comments AAA, AGI, Alliance Global, ALPHA, Alphaland, Asia Amalgamated, ATN, ATN Holdings, BHI, Boulevard Holdings, CA, Calapan, Cebu Property, Chemical Industries of the Philippines, CIP, Citystate Savings Bank, CLOUD, Concrete Aggregates, CPV, CSB, H2O, IMP, Imperial Resources, IP Converge, JOH, Jolliville, Keppel, KPHB, LT Group, LTG, MAC, MacroAsia, MBT, MEG, Megaworld, Metrobank, Metropolitan Bank & Trust Company, OPMB, Oriental Petroleum, Philippine Long Distance Telephone Co., PLDT, REG, Republic Glass, SM, SM Investments, SMIC, SPC, SPC Power, SUN, Suntrust, TBGI, TEL, Transpacific Broadband

Manila—(PHStocks)—Philippine stocks succumbed to profit taking as investors lock in their gains amid the recent bull run that was further lifted by Standard and Poor’s investment grade rating for the country.

The mainboard Philippine Stock Exchange (PSE) index slid by 0.62% to 7,170.65 on Monday, May 6, but not before hitting a new record intraday high of 7,284.34.

All counters are in the red; led by the Services index, which dropped by 0.68%. The Holding Firms sector followed, losing 0.6%, while the Financials and the Property sectors both shed 0.42%. Overall, the wider All Shares index dropped slightly by 0.22%.

Trading was moderately heavy, with value turnover reaching PhP8.77 billion on 3.7 billion shares traded. There were 78 gainers against 95 decliners, while 48 stocks were flat.