Phl stocks falter on profit taking

MANILA, Philippines - Philippine stocks faltered for a second consecutive session yesterday as profit takers emerged behind rising concerns over Greece.

The Philippine Stock Exchange index (PSEi) slipped 0.48 percent or 36.71 points as it stepped below the 7,700 mark to close at 7,686.43, while the broader all shares index dropped 0.41 percent or 18.53 points at 4,467.01.

“More or less, it was a technical profit-taking. It was just natural for the market to take a pause after we hit the 7,800 level,” said Alexander Tiu, analyst at AB Capital Securities Inc.

Tiu said uncertainties in Greece due to its ongoing debt crisis shaken investor confidence, putting most stocks globally in a cautious mode.

Tiu, however, said happenings in Greece should not be affecting the country fundamentally. “Fundamentally,  the country remains strong,” he said.

After recording a new all-time intraday high of 7,807.71 on Tuesday, the PSEi only managed to peak at 7,758.46 during yesterday’s session.

Financials and industrial companies, meanwhile, each lost more than one percent.

Decliners continued to pounce advancers, 97 to 88, while 42 stocks were unchanged as turnover value slimmed to P9.55 billion.

Petron Corp.’s share prices plunged four percent while that of Cebu Air, LT Group, Metrobank, and Universal Robina Corp. each declined by more than two percent.