Bellweather index breaches 7,800 then retreats

The Philippine benchmark index (7,723.14, -0.76%) tested the 7,800- level in the first minutes of trade before succumbing to profit taking for the rest of the trading session. Around 1.62 billion shares worth P9.5 billion changed hands today, with value turnover getting a boost from the overnight equity placement by MPI (4.97, -5.15%) which was consummated through several block sales. Almost all the counters retreated, with the mining and oil sector (16,085.24, -1.80%) posting the biggest percentage decline due to the extended weakness of SCC (155.20, -2.94%). The industrial index (12,894.52, -1.33%) dropped considerably as well, as URC (216.20, -3.48%) succumbed to profit taking after its strong run-up yesterday. Apart from Metro Pacific, the holding companies index (6,804.93, – 0.90%) was pulled lower by SM (912.00, -1.41%), JGS (65.00, – 1.52%), and AC (719.00, -1.24%). The property sector (2,957.26, -0.96%) was pulled lower mainly by ALI (35.50, -1.53%), while the financial index (1,776.25, -0.37%), was weighed down by SECB (155.00, -2.70%), BPI (97.55, -0.46%), and MBT (94.00, -0.58%). The service sector (2,196.14, +0.35%) was the only bright spot among the counters today, buoyed by a new 52-week high from RRHI (84.00, +1.20%) as well as the slight rebound of gaming firms BLOOM (10.60, +2.71%), MCP (9.80, +1.03%), and RWM (6.83, +0.44%) which were heavily sold down yesterday following recent updates of the Chinese government’s crackdown on gambling.



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