Share prices retreat on profit taking

MANILA, Philippines — Share prices retreated yesterday as investors took profit after the market’s winning streak at the start of the year.

The benchmark Philippine Stock Exchange index (PSEi) eased 24.88 points, or 0.28 percent, to settle at 8,745.12 while the broader All Shares index gave up 10.55 points to finish at 5,065.77.

Unicapital Securities said profit taking prevailed after the market’s strong start for 2018 wherein the main index climbed to new record high for the first three trading days of the year.

The three sectoral indexes likewise ended in negative territory, led by the property sector which declined 1.34 percent.

Total value turnover reached P7.07 billion. Market breadth was negative, 128 to 75 while 43 issues were left unchanged.

“Philippine markets took a breather after successive days of breaking records the previous week. This also came right after less than expected US employment data,” Luis Limlingan of Regina Capital said in a commentary.

Meanwile, the peso shed 28.5 centavos yesterday, surprising traders as the local currency breached the 50 to $1 at the start of the trading week.

The peso closed at 50.15 from last Friday’s 49.865 to $1. It opened stronger at 49.86 but lost steam to close at an intraday low of 50.15. – Lawrence Agcaoili