PHL shares down on profit-taking

Share prices on the Philippine Stock Exchange retreated on Friday as investors cashed in on gains from the four straight days of rally.

The bellwether PSE index shed 134.96 points or 2.50% to 5,266.62 at the closing bell. The broader All Shares lost 31.32 points or 0.96% to 3,219.50.

“After posting its best performance in 13 years and a sustained four-day rally, the PSEi closed today at 5,266.62 down by 135 points as investors took opportunity to profit-take as we head towards the weekend,” Unicapital Securities equity analyst Christopher San Pedro said.

“The market seems to have priced in the global stimulus measures to fight COVID-19, the economic impact of coronavirus outbreak will continue to weigh on investor sentiment in the short term,” San Pedro said.

More than 696.577 million shares valued at P7.952 billion, changed hands. Advancers led decliners, 101 to 90, and 36 issues were unchanged. -MDM, GMA News