MANILA, Philippines — Profit taking prevailed in the stock market yesterday, sending the benchmark Philippine Stock Exchange index lower by 66.42 points, or 0.81 percent, to close at 8,051.52. Despite the negative start for the week, First Metro Investment Corp. said the stock market gauge could rally to 8,400 to 8,800 this year with price to earnings ratio of 18 to 19 times. In a briefing yesterday, FMIC vice president Cristina Ulang said corporate earnings may grow by 10 percent. Traders said profit taking has been prevailing given the strong performance of the market in recent weeks. Shares of LT Group finished at P15.80 per share yesterday, down 0.50 percent.

Source: Philippine Star July 08, 2019 16:00 UTC