Philippine shares retreat on profit-taking

Share prices on the Philippine Stock Exchange snapped a three-day winning streak on Friday as market players cashed in on gains from the previous sessions.

The benchmark PSEi shed 59.57 points or 0.83% to 7,134.56 at the closing bell. The broader All Shares lost 22.88 points or 0.53% to 4,250.37.

“The local market pulled back by 59.57 points (-0.83%) to 7,134.56 on the last trading day of the week as investors took profit out of the bourse’s three-day rally,” Philstocks Financial senior equity analyst Japhet Tantiangco said.

Also contributing to the selling pressure is the faster-than-expect November inflation print.

Inflation clocked in at 3.3% last month on account of supply disruption brought by the strong typhoons that ravaged the country during the period. 

This is faster than the 2.5% rate recorded in October and the highest since April 2019.

“Foreigners remained net sellers with net outflows amounting to P269.1 million. Net foreign selling is already on a nine-day streak averaging P1.1 billion per day,” Tantiangco said.

More than 12.6 billion shares valued at P8.47 billion, changed hands. Advancers led decliners, 121 to 103, and 49 issues were unchanged.

“Net value turnover registered P8.2 billion, above the year-to-date average of P6.4 billion, showing active trading,” Tantiangco said. — RSJ, GMA News