Index eases as profit takers dominate market

MANILA, Philippines - The stock market took a breather yesterday, shedding three points as profit takers dominated the market, analysts said. The main composite index tumbled 3.59 points, or 0.6 percent, to finish at 6,992.60, while the broader All Shares index declined 6.30 points, or 0.16 percent, to settle at 4,027.04.

Most of the indexes closed  in negative territory except for the financials and industrial barometers, which gained 1.93 points and 18.08 points, respectively.

Value turnover remained thin at P5.76 billion as decliners edged out advancers, 115 to 57 while 40 stocks were unchanged.

Analysts said the market took a breather yesterday on the back of profit taking among some investors.

“The market took a breather yesterday as profit takers pressured the market. Selling tapered off toward the end of trading as market ended flat. Most investors are staying on the sidelines as they await for market moving news. Expect market to consolidate at these levels as investors gear up for a possible rebound,” said Astro del Castillo, managing director of First Grade Finance, Inc.

Elsewhere in the region, Asian stock markets were mostly jittery on the back of the slump in commodity prices.

For instance, Hong Kong’s Hang Seng lost 0.8 percent to 22,587.63 and the Shanghai Composite Index in mainland China fell 0.3 percent to 3,598.34.

This as raw materials such as copper and nickel have been shedding prices on expectations that the US Federal Reserve would raise interest rates next month.