Philippine shares ended a four-day climb on Wednesday as investors opted to take profit and stay on the sidelines in the coming days while waiting for fresh leads from overseas.
Astro del Castillo, First Grade Finance Inc. managing director, said profit-taking is currently the reigning sentiment after the run up of the past four trading sessions.
The Philippine Stock Exchange index (PSEi) shed 15.43 points or 0.23 percent to 6,769.52, while the wider all shares lost 2.70 points or 0.07 percent to 4,072.21.
In the next few days, developments overseas may dictate the market’s direction with no particular local leads anticipated at the moment.
“Across the region, fears over rising tensions in Ukraine as the deal reached between the West and Russia over the weekend appeared poised to fail became a heavy burden to lift,” said Jun Calaycay, analyst at Accord Capital Equities Corp.
Majority of the sectoral indices retreated by a few points except for holding firms, which went up14.61 points or 0.24 percent to 6,203.87, and mining and oil, which rose 63.03 points or 0.40 percent to 15,700.33.
Services saw the largest fall, losing 12.03 points or 0.60 percent to end at 2,006.85, followed by financials, which declined 9.49 points or 0.58 percent to 1,612.34.
Industrial firms slid by 7.83 points or 0.08 percent to 10,122.22 while properties was flat, down by a negligible 0.32 point or 0.01 percent to 2,661.48.
A total of 3.01 billion shares changed hands valued at P7.1 billion. Advancers still outnumbered decliners 98 to 86, with 36 issues unchanged.
Some of the top losers on Wednesday were Philippine Long Distance Telephone Co., down 0.62 percent at P2,876.00; SM Investments Corp., down 0.54 percent at P742.50, Metropolitan Bank and Trust Co., down 1.22 percent at P84.95, Metro Pacific Investments Corp., down 0.76 percent at P5.22, ad Petron Corp., down 2.03 percent at P12.52.
On Tuesday, the local market rose on the back of positive global and local news, driving the main index past the 6,800-mark for the first time in nine months, although late profit-taking trimmed the gains at the close.
The PSEi retreated from its intraday high of 6,815.26 points and settled on Tuesday at 6,784.95, up 17.44 points or 0.26 percent, its highest close for the year.