Profit taking brings down index

MANILA, Philippines — The stock market went down yesterday as investors took profits following the market’s recent rally.

The main Philippine Stock Exchange index (PSEi) eased 13.32 points to close at 8,508.49. The broader All Shares gauge, however, gained 4.43 points, or 0.09 percent, to finish at 4,971.03.

The index was weighed down by the property, holding, mining and oil and services  sectors.

Not surprisingly, market breadth was negative, 128 to 91 while 36 issues were left unchanged. Value turnover for the day stood at P7.67 billion.

Carlo Tiu, equity analyst at First Resources Management and Securities, said the movement of the PSEi shows that it continues to test record highs.

“For now, for the earnings, we see this as a catalyst that could propel the market further and so far what we’re recommending for our clients are those companies that are on a pullback or closed negatively for the day despite positive earnings,” Tiu said.

Across the region, Asian shares wrung out another decade peak yesterday as data showed China’s demand for imports remained buoyant, while the dollar dipped amid concerns Republican plans for major US tax cuts were running into headwinds.

Beijing reported imports in October rose 17.2 percent from a year earlier, beating forecasts of 16 percent, but export growth was just under estimates at 6.9 percent.

China’s blue-chip index  gained 0.6 percent to reach ground last trod in mid-2015, just one of many milestones across region.

Hong Kong stocks  made a decade top, powered by investor enthusiasm for tech stocks as shares in China Literature Ltd doubled in their red-hot debut. – With Reuters