SHARE prices dropped on Tuesday, a day after the main index went into bull territory, with most of the profit-taking activity happening right before the close of the trade.
The benchmark Philippine Stock Exchange index (PSEi) fell 101.72 points to close at 8,263.57 points.
“This was to be expected after the big day that we had [on Monday],” Christopher Mangun, research head at AAA Securities Inc., said.
“Investors took profits on their blue-chip positions after seeing almost no action for the last several months. As long as the PSEi stays above 8,150, there should be nothing to worry about. And with second-quarter earnings out soon, we may see it challenge the next resistance at 8,550,” he said.
The main index gained 223.47 points on Monday to 8,365.29, placing the PSEi in bull territory, a technical term when prices are rising.
Total volume of trade was at 1.21 billion shares valued at P10.49 billion. Gainers managed to edge loser 121 to 85 and 48 shares were unchanged.
Other subindices ended mixed; the broader All Shares index dropped 30.97 points to 5,012.99; the Financials index gained 4.83 to 1,854.05, the Industrial index plunged 145.92 to 11,861.92; the Holding Firms index shed 68.97 to 7,947.78; and the Property index was down 74.38 to 4,432.91.
Bank of the Philippine Islands was the day’s most actively
traded, rising by P6.10 to close at P90 per share. Parent firm Ayala Corp. was
up P12 to P942; property arm Ayala Land Inc. was down P1.70 to P51.80 even on
news that it will acquire a property in Carmona in Cavite; BDO Unibank Inc.
fell P7.80 to P146.20; and Metropolitan Bank and Trust Co. gained P0.90 to
P77.90.