Index flirts into bull territory, profit taking wipes out gains

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) entered the bull market yesterday but the excitement fizzled out by the end of the session.

The benchmark Philippine Stock Exchange index was down 11.03 points, or 0.13 percent, to finish at 8,058.45.

Earlier in the day, the stock market gauge entered the bull market, hiting an intraday of 8,200.

By 3 p.m., the market was up 0.95 percent to 8,146.40.

For a moment there, the Philippine stock market was in the running to become the first bull market for the year.

However, by the close of the session, the strength fizzled out and the  total value turnover reached P7.315 billion.

Market breadth was negative, 140 to 76 while 42 issues were left unchanged.

On the other hand, the broader All Shares index was flat at 0.94 points or 0.01 percent to end at 4,893.48.

Still, majority of the indices managed to end in positive territory.

Traders said market investors were positive on easing inflation numbers, which dropped to 4.4 percent in January but profit taking prevailed later in the day.