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PSEi dips on profit-taking

July 13, 2019

THE stock market closed lower on Friday as investors took profits following a two-straight day gain.

The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.16 percent or 12.67 points to close at 8,141.82, while the broader All Shares declined by 0.27 percent or 13.27 points to end at 4,944.70.

Philstocks Financial Inc. said investors cashed in on gains at the last minute, while AAA Southeast Equities Inc. research head Christopher Mangun said the market was only on consolidation mode.

The local market bucked what was mostly a global rise. On Wall Street, the Dow Jones and S&P 500 closed firmer, rising by 0.85 percent and 0.23 percent, respectively. Meanwhile, the technology-heavy Nasdaq composite slipped by 0.08 percent.

In the region, Tokyo rose 0.20 percent, Shanghai grew 0.44 percent, Hong Kong grew 0.15 percent, Seoul increased 0.29 percent, and Jakarta added 0.11 percent.

Meanwhile, Bangkok dropped 0.46 percent, and Jakarta lost 0.53 percent.

In Manila, sectoral results were mixed, with the services, mining and oil, and financials indexes the only gainers, up 0.34 percent, 0.53 percent, and 1.28 percent, respectively.

More than 3.38 billion issues were traded valued at P6.86 billion.

Winners led losers, 108 to 82, while 52 issues were unchanged.

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