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.

sourceĀ Techistock.net

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s