Profit-taking continues to pull down bourse

MANILA, Philippines (Xinhua) - Profit taking in stock market continued today as investors search for reasons to beef up their portfolio.

The bellwether Philippine Stock Exchange index lost 0.46 percent or 31.62 points to 6,817.71, while the broader all-share index fell by 0.65 percent or 26.72 points to 4,086.08.

Trading volume reached 1.68 billion shares worth P10 billion ($228.57 million) with 125 stocks declining, 61 advancing, and 35 were unchanged.

Of the six counters, only the financials bucked the trend.

"The market is ripe for technical profit-taking, given its recent rise," 2TradeAsia.com said.

The online brokerage said the profit taking might be triggered by expectations of possible increase in local consumer prices, especially with the volatility in global crude futures.

Most investors, it added, might still seek guidance from US Federal Reserves chief Janet Yellen's speech before the US congress, especially if upward spikes are established with a potential reaffirmation of stimulus.

2TradeAsia.com said immediate support is seen at 6,850, while resistance is pegged at 6,900.

Stocks in the 30-company index closed mixed. Among those sold down were heavyweight Philippine Long Distance Telephone Co., Ayala Land, Inc., and Megaworld Corp.