PHStocks Week in Review: Selling High

Manila—(PHStocks)—Philippine stocks rode a series of widespread profit-taking this week amid new record highs. Strong macroeconomic fundamentals pushed the benchmark Philippine Stock Exchange index (PSEi) past the 6,700-mark on 25 February, closing at 6,721.33 – up by 56.27 points or 0.84%.

This strong growth drove investors to cash in on their gains on 26 February, wiping the index’s gains made the previous day. PSEi closed at 6,630.67, down by 1.35%.

PH stocks recovered during the early session of 27 February, as most investors hunted for bargains after the previous day’s round of profit taking. However, this may have further sustained the trend to cash in on gains the afternoon trading saw massive sell-offs, with more investors locking in their gains. This resulted in the PSEi closing the day’s trading at 6,616.27, further down by 0.22%.

On 28 February, PH stocks recovered their losses and the PSEi regain its foothold at the 6,700 level – closing at a new record high 6,721.45, up by 1.59% or 105.18pts. The rally was mainly driven by the surge in BDO Unibank Inc. (PSE: BDO) and SM Investments Corporation (SMIC, PSE: SM).

As expected, investors took advantage of the increase, and the stock market again waded through massive profit-taking activities on 1 March. The PSEi shed 1.18% or 79.18 to close the first trading day of March at 6,642.27.

Interestingly, PSEi was down by 0.34% from last week, but up by 5.12% form four weeks ago. The wider All Shares index, meanwhile, was up by 0.73% from the previous week.

On a sectoral basis, the Mining and Oil index led the surge, gaining 2.52% this week from last week, where it suffered consecutive declines because of a mining accident at Semirara Mining Corp.’s (PSE: SCC) coal sites. The Services index came in at second, posting a 1.46% gain. The Financials pulled in a 0.45% gain for its sector. The Industrial, Holding Firms, and Property indices were down this week, losing 0.63%, 0.18%, and 0.67%, respectively.

Below are the top 30 gainers for the week:

Below are the top 30 decliners for the week:

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