PSEi Drops as Investors Lock in Gains from Previous Rally

The Philippine Stock Exchange Index (PSEi) dipped on Friday, September 27, as investors took profits from recent gains, causing the market to retreat after a brief recovery. The PSEi fell 0.41%, or 30.44 points, to close at 7,428.30, while the broader All Shares Index dropped 0.19%, or 7.67 points, to 3,970.43.

Luis Limlingan, head of sales at Regina Capital Development Corp., noted that profit-taking dragged the index down, despite it remaining in “overbought” territory, where stock prices had risen rapidly in a short period, often prompting short-term selling.

Banks were the hardest hit, with a 1.90% decline, while International Container Terminal Services Inc. was the most actively traded stock, remaining flat at ₱410 per share. Meanwhile, SM Investments Corp. saw a slight gain of 0.10% to ₱996, but BDO Unibank Inc. dropped 3.41% to ₱161.40.

Despite the drop, gainers edged out losers 113 to 94, with 45 companies closing unchanged.