PH Stocks Flat After Profit Taking

Manila—(PHStocks)—Philippine stocks ended the trading week nearly flat as investor lock in their gains after the market surge on Wednesday on Asian Development Bank’s  (ADB) revised forecast on the country’s economic growth.

ADB forecasts the Philippines’ economy to grow by 7 percent—up from the previous 6 percent—while lowering those for the rest of Southeast Asia.

Meanwhile, on Thursday, 3 October, Moody’s Investors Service—one of the big three credit ratings firms in the world—gave the Philippines its third investment grade rating amid the country’s current economic growth track, ongoing fiscal and debt consolidation, political stability and improved governance. Moody’s raised the Philippines government debt rating one level to Baa3.

The benchmark Philippine Stock Exchange index (PSEi) lost as much as 55.72 points in the morning session before trading recovered, resulting in a nearly flat 2.83-point gain. The PSEi closed this week’s session at 6,390.48.

PSE-4-10-13On sectoral basis, gains are also minimal. The Financials gained only 0.81%, while the Property sector increased by just 0.36%. On the other hand, the Industrials (-0.28%) and the Services (-0.03%) indexes were on the losing end.

Trading was slightly heavy, with value turnover reaching PhP8.34 billion on 1.88 billion shares traded. There were 75 gainers against 59 losers, while 53 stocks were flat. Today’s most active stocks in terms of value include Universal Robina Corp. (URC, PhP117.00, -4.88%), JG Summit Holdings Inc. (JGS, PhP42.00, 2.94%), Puregold Price Club Inc. (PGOLD, PhP45.20, 3.31%), Ayala Corp. (AC, PhP606.00, -1.30%), GT Capital Holdings Inc. (GTCAP, PhP794.00, 0.51%), Alliance Global Group Inc. (AGI, PhP25.00, 1.21%), Metro Pacific Investments Corp. (MPI, PhP4.62, -0.22%), SM Investments Corp. (SM, PhP807.50, -1.16%), BDO Unibank Inc. (BDO, PhP77.00, 1.45%), and Cosco Capital Inc. (COSCO, PhP10.02, 1.21%).

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