Philippine stocks traded mostly lower on profit-taking Thursday, helped by weak sentiment among investors in the region over the uncertainties surrounding negotiations to resolved Greece’s sovereign debt.
“There was buying in selected blue chips, but there was profit-taking in general,” said trader Jasper Jimenez of BDO Securities Corp.
Jimenez noted that buying in selected blue chips shaved 24 points off session’s low. According to PSE data, the PSEi hit session’s low at 4,745.23.
The main Philippine Stock Exchange index dropped 36.18 points or 0.75 percent to close at 4,769.62.
Decliners outpaced advancers 134 to 42, with 33 issues closing unchanged.
More than 14.526 billion shares valued at P8.587 billion were traded.
“Asian markets were mostly lower Thursday after marathon talks over Greece's massive debt ended without firm agreement as China's annual inflation rate hit a three-month high,” according to an Agence France-Presse report.
“On Wall Street, the Dow Jones Industrial Average edged up 0.04 percent by the close Wednesday while the broad-based S&P 500 rose 0.22 percent and the tech heavy Nasdaq Composite added 0.41 percent,” the news service added. — GMA News
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