Profit taking halts market upswing
The PSEi declined 36.54 points, or 0.44 percent, to 8,244.73 while the broader All Shares gauge was likewise down by 15.74 points to end at 4,862.65. File
MANILA, Philippines — Share prices took a breather yesterday as investors pocketed their gains after the recent rally, analysts said.
The PSEi declined 36.54 points, or 0.44 percent, to 8,244.73 while the broader All Shares gauge was likewise down by 15.74 points to end at 4,862.65.
The PSEi was weighed down by the industrial, services and property counters.
Value turnover was thin at P6.76 billion. Market breadth was negative as decliners outpaced advancing stocks, 156 to 65 while 36 issues were left unchanged.
Traders said after last week’s euphoria, the market was bound to correct as investors decided to cash in on recent gains.
Commenting on yesterday’s trading session, Luis Limlingan of Regina Capital said investors turned to profit taking mode as the end of the third quarter nears.
He said some volatility may be expected this week as fund managers want to “clean” their portfolios before the third quarter ends.
“The key economic releases this week are the durable goods report on Wednesday and the personal income and spending report on Friday. There are several speaking engagements by Fed officials this week, including a speech by US Fed chairman Yellen on Tuesday,” he said.
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