The stock market fell Thursday as investors took profits after two straight sessions of gains.
The Philippine Stock Exchange index briefly hit the 6,500 level at the open before declining 27.57 points, or 0.42 percent, to close at 6,471.25. The broader all-shares index fell 12.31 points, or 0.34 percent, to 3,594.22.
The peso continued to strengthen, closing at 58.115 against the U.S. dollar, up from Wednesday’s 58.29.
Analysts said the market is struggling to retest the 6,500 level as investors remain cautious amid global uncertainties. Despite the decline, some investors remain at-tracted to the local market due to low valuations and an improving outlook for the domestic economy.
AB Capital Securities said foreign investors also took profits after four straight ses-sions of inflows, contributing to the decline. Net foreign outflows totaled P96.66 mil-lion. Value turnover amounted to P5.66 billion.
Among the sectoral indices, only mining and oil and services ended in the green, rising 2.49 percent and 1.83 percent, respectively. Property declined 1.83 percent, while financials and holding firms fell 1.26 percent and 1.07 percent, respectively. The industrial sector ended 0.28 percent lower.
Shares of International Container Terminal Services Inc. hit an all-time high of P689, up 2.84 percent from the previous day’s close. Conversely, San Miguel Corp. shares fell 5.65 percent to P71, making it the day’s worst index performer.
