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Roundup: Philippine bourse suffers blow on profit taking

Xinhua, November 27, 2015 Adjust font size:

The Philippine stock market suffered a heavy blow on Friday with the local equities succumbing to profit taking.

The bellwether Philippine Stock Exchange index dived by 1.93 percent or 136.18 points to 6,927.07, while the broader all-share index fell 1.47 percent or 59.69 points to 3,996.91.

Trading volume reached 719 million shares worth 16.41 billion Philippine pesos (348.85 million U.S. dollars) with 111 stocks declining, 60 advancing and 45 were unchanged.

All six counters were down.

Online brokerage 2TradeAsia.com said investor participation was light on Friday as several fund managers celebrated their Thanksgiving holiday.

There might be some investors who took comfort in the upcoming release of the country's fourth quarter gross domestic product (GDP) and hopes of improved consumer spending, however, this was not enough to sustain a rise above the 7,000 level.

Stocks in the 30-company index were sold down on Friday. These were Ayala Land, Inc., Metro Pacific Investments Corp., and Jollibee Foods Corp. Enditem