Stocks end six-day winning streak

January 11, 2017

Stocks closed lower after six days of gains on Wednesday. The Philippine Stock Exchange index declined 42.52 points to end at 7,321.82 points.

Volume declined to 1.74 billion shares worth P7.15 billion from Tuesday’s 5.61 billion shares worth P8.95 billion.

Foreign buying reached P3.54 billion and foreign selling, P3.08 billion from Tuesday’s foreign buying of P4.02 billion valued at P3.84 billion.

In a report, COL Financial research head April Lee Tan said: “recent recoveries staged from the beginning of the year have pushed closer to significant areas of resistance which now needs some attention in case sellers take advantage.”

“Choppy action will be expected from here on as some stocks may begin to weigh off from over-extended rally action while others may rotate and proceed on to rebound,” Tan added.

The peso closed at P49.625 against the US dollar from P49.505 on Tuesday. Volume reached $529.90 million from Tuesday’s $669.50 million at the Philippine Dealing System. DMS