The Philippine Stock Exchange Index (PSEi) declined 0.21 percent on Tuesday. This is attributed to traders switching to profit taking before the Holy Week break on Maundy Thursday and Good Friday, wherein local financial markets will be closed in observance of the holidays. Read on to learn more about the latest PSEi news update.
Three Things To Know About The Philippine Stock Exchange Index's 0.21 Percent Decline:
1. The PSEi closed at 7,601.40 points on Tuesday, April 11.
The PSEi index declined 16.51 points or 0.21 percent to finish at 7,601.40 level, according to the PSE's Daily Quotations Report. Likewise, the PSE All-Shares index also declined by 8.69 points or 0.19 percent to close at 4,532.92.
"PSEi slid a few points due to a couple of factors, but mostly this is just traders trying to take some money off the table heading to the long weekend," BusinessWorld Online reported Frank Gerard Barboza, AP Securities, Inc. equity trader, as saying in a mobile phone message. He added that they could still sense the bullish tone because the PSEi is still above the 7,600 mark.
2. Value turnover was recorded at P7.13 billion.
According to the PSE Chart, value turnover was at P7.13 billion, with 1.47 billion issues changing hands on Tuesday. Meanwhile, net foreign buying declined too, falling from P466.66 million on Monday to Tuesday's P80.53 million.
3. The holding firms, financials and property sectors ended in the negative side.
The property sector declined by 39.85 points or 1.19 points to close at 3,307.79. As for financials, it fell by 7.59 points or 0.40 percent to 1,891.63. Holding firms dipped by 1.84 points or 0.02 to 7,655.65 points.
On the other hand, services, mining and oil and industrials stayed in the positive territory. Services rose by 5.87 points or 0.36 percent to 1,614.28. Mining and oil increased 74.77 or 0.61 percent to finish at 12,214.36 level. As for industrials, it increased by 51.45 points or 0.45 percent to close at 11,271.11.
Aside from this, there were 118 decliners and 87 advancers, while 47 stocks were unchanged. There were also 252 traded issues and a total of 68,509 trades on Tuesday.
Summit Securities President Harry Liu said that for the rest of 2017, the market could continue its positive trend. As for AP Securities’ Barboza, he said that investors are expected to shed off a little exposure in equities. This is a move that will help minimize some unforeseen external catalysts from markets around the world.
What do you think of the PSEi declining 0.21 percent to finish at the 7,601.40 level on Tuesday? What about the effects of profit taking and the Holy Week break on the PSEi? Let us know in the comments section below.