Profit taking snaps 4-day rally
MANILA, Philippines - Profit taking prevailed at the stock market yesterday, ending a four-day recovery rally.
Analysts said the benchmark Philippine Stock Exchange index (PSEi) reversed early gains as it tracked the regional downturn.
The benchmark PSEi retreated 11.95 points, or 0.16 percent, to finish at 7,086.86, while the broader All Shares index shed 11.59 points, or 0.28 percent, to 4,044.49.
Investors had expected the market to continue with its recovery and test resistance levels at 7,100 to 7,270 this week following last week’s massive sell-off, said Luis Limlingan, managing director at Regina Capital.
At the same time, Limlingan said the market remained cautious.
Value turnover amounted to P10.30 billion. Decliners outnumbered advancers, 110 to 63 while 42 stocks were unchanged.
During yesterday’s session, the best performers include SM Prime Holdings, Ayala Corp. and Philex Mining. SM Prime rose 1.95 percent while Ayala Corp. rose 2.30 percent. Likewise, Philex Mining also closed higher by 1.96 percent.
On the other hand, diversified conglomerate San Miguel Corp. fell 3.65 percent while index heavy weight Philippine Long Distance Telephone Co. was down 2.86 percent.
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