Market retreats as traders pocket gains

MANILA, Philippines — Local stocks retreated yesterday as investors opted to pocket gains from the market’s recent rally, ending a five-day winning streak.

While managing to stay above the 6,800 level, the benchmark Philippine Stock Exchange index (PSEi) fell by 0.62 percent or 42.34 points to close at 6,807.82.

The broader All Shares index also declined by 0.23 percent or 8.15 points, settling at 3,566.06.

“Investors took profit as many will be awaiting the latest results from the MSCI rebalancing and some key economic data in the US this week,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said many investors were also cautious while waiting for the Bangko Sentral ng Pilipinas’ policy meeting this week.

“The market’s current trading range is from the support level of 6,700 to 7,000 resistance level,” Alviar said.

All local indexes were in the red, except for services, which climbed by 0.43 percent.

Property index was the biggest loser with a 1.29-percent drop, followed by industrial, which lost 1.07 percent.

Total value turnover stood at P4.19 billion.

Market breadth was negative as decliners crushed advancers, 106 to 81, while 51 shares did not change.

Most actively traded stocks include BPI (up 1.06 percent), ICTSI (up 1.11 percent), SM Investments (down 1.64 percent), Ayala Corp. (up 2.14 percent), and BDO (down 1.82 percent).

GT Capital Holdings was at the top among the index members, increasing by 2.18 percent.

Markets were mixed in Asia on Monday in holiday-thinned trade as investors look ahead to the release of crucial US inflation data due this week.