SHARE prices retreated on Monday as the benchmark PSEi failed to break the resistance level and investors cashed in on gains.
The main index fell 53.42 points or 0.66 percent to close at 8,018.05. The broader All Shares dropped 23.74 points or 0.50 percent to 4,766.86.
“It’s the market’s failure to break with conviction [through]8,046, so the market reversed,” Eagle Equities Inc. President Joseph Roxas said.
IB Gimenez Securities research head Joylin Telagen said it was normal for investors to cash in on previous gains.
“If companies released strong positive earnings, I think the index could break through the 8,500. Or else, if it resists to break that 8,136.97, technically, the index might form a triple top. Medium-term strong support, at a worst case scenario, is back at 6,800,” she added.
Most market indices were in the red. Services dropped 1.79 percent, Property retreated 1.23 percent, Mining and Oil lost 0.47 percent, Holding Firms eased 0.42 percent, and Financials were down 0.28 percent. Industrials posted a 0.19 percent gain.
PLDT Inc. tumbled 3.71 percent while Cemex Holdings Philippines rebounded by 1.16 percent.
Volume turnover reached more than 1.4 billion shares valued at P7.9 billion.
Decliners outnumbered advancers, 129 to 74, while 53 issues closed unchanged.