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MANILA, Sept. 23 (Xinhua) -- The Philippine stock market succumbed to profit taking on Friday.


The bellwether Philippine Stock Exchange index slipped by 0.50 percent or 38.75 points to 7,723.60, while the broader all-share index tumbled by 0.36 percent or 16.34 points to 4,586.71.


Trading volume reached 1.30 billion shares worth 7.61 billion Philippine pesos(159.21 million U.S. dollars) with 90 stocks advancing, 89 declining, and 51 were unchanged.


Of the six counters, only the mining and oil sector and the property sector bucked the trend.


Online brokerage 2TradeAsia said positive sentiments from the US Federal Reserves' decision to keep rates steady initially buoyed sentiments.


""The local market continued its gain as positive sentiment is likely to spill over into today's session amid the Federal Reserve's decision not to hike interest rates,"" it said.


However, profit takers entered the equities, erasing all the gains.


But 2TradeAsia said the local equities drop should be viewed by investors as an opportunity to look for cheap stocks.


""Investors should take this opportunity to look for cheap fundamentally attractive stocks that were beaten down by the recent decline in equities prices,"" it said.


Stocks in the 30-company index finished mixed. Among those picked up were Ayala Corp., Megaworld Corp., and BDO Unibank, Inc.

" Finance > Insurance > Home InsurancePurchase Corner Fireplaces For Your Home

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An Electric Stove


It is the most ideal approach to warm your lounge room Cheap Mahmoud Dahoud Jersey , all you need to switch on it. These sorts of fireguards are extremely great, productive and advantageous. These are the old custom furniture.


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