Profit-taking snaps market’s 3-day climb

February 7, 2025 | 12:00am

MANILA, Philippines —  The local stock market snapped its three-day winning streak as investors pocketed gains after a recent rally.

The Philippine Stock Exchange index (PSEi) slipped by 0.62 percent or 39.11 points to finish yesterday’s session at 6,241.97.

Also ending in the negative territory was the broader All Shares index, which declined by 0.26 percent or 9.61 points to 3,687.05.

“The index retreated from its medium-term resistance around 6,300 as investors pocketed profits after three days of gains that saw the index rally by 7.1 percent,” AP Securities research head Alfred Benjamin Garcia said.

RCBC chief economist Michael Ricafort, on his end, said that the PSEi’s slightly lower correction also came following  “some political noises lately amid the impeachment of Vice President Duterte by the House of Representatives that could potentially distract lawmakers upon resumption of sessions after the May 2025 midterm elections from passing reform measures that require legislation going forward.”

Net value turnover thinned to P4.7 billion from the previous day’s P7.2 billion.

Only two sectors finished the session higher – the industrial and mining and oil indexes which increased by 0.51 percent and 0.23 percent, respectively.

The property index, meanwhile, took the biggest hit as it fell by 1.24 percent.

Market breadth, however, remained positive as advancers edged out decliners, 91 to 85, while 60 issues were unchanged.

BDO was yesterday’s most actively traded company, plunging by 1.97 percent to P144.10 per share, followed by ICTSI which dropped by 2.06 percent to P370.20.