Stocks back in red on continued profit taking

The stock market returned to negative territory yesterday as investors took profits after recent highs and as investors digested recent third quarter earnings results of companies.

The benchmark Philippine Stock Exchange index (PSEi) went down 86.34 points, or 1.01 percent, to finish at 8,433.48.

Similarly, the broader All Shares index eased 47.96 points or 0.96 percent.

Most sectoral indexes were down except for the financial index.

Market breadth was negative 134 to 73 while 44 issues did not move. Total value turnover stood at P7.53 billion.

Traders said Philippine and US stocks pulled back from recent all time highs.

But while the market closed the week in negative territory, Philippine Stock Exchange president and chief executive officer Ramon Monzon expressed hopes that investors would remain interested in the market and in the process, PSEi would be able to continue with its recent gains.

“It is crucial for us to sustain investor interest,” he said.

This, he said, would also be done through accountability and ensuring integrity and compliance of listed companies.