Index retreats as investors take profits

MANILA, Philippines — Market investors decided to cash in on gains after the Philippine Stock Exchange index performed strongly the past two days.

The stock market index retreated by 33.59 points, or 0.42 percent, to close at 7,967.98.

Likewise, the broader All-Shares gauge was down 6.83 points, or 0.13 percent, to end at 4,906.06.

The rest of the indices were a mixed bag with the financials, mining and oil services and industrial gauges ending in positive territory.

Total value turnover, meanwhile, reached P8.175 billion. There were 102 advancing stocks and 100 decliners while 50 issues were unchanged.

Traders said investors decided to take profits yesterday.

“Last minute profit taking sent the local market into negative territory...Financials led gainers, climbing 0.90 percent. Properties were the main laggard, down by 1.04 percent. Gainers outran losers,” said Philstocks Financials.

On the other hand, Asian markets were mixed.

“Talk about a dump...the index closed 33.59 points down, below the 8,000 mark at 7,967.98 after a strong start early on in the day. The PSEi steadily drifted lower in the afternoon session after being sold down at the close. Net foreign selling amounted to P68 million,” said Gio Perez of P2P Trade Online.

The market will keep a close watch on first quarter corporate earnings and first quarter economic data next week.