SHARE prices on the Philippine Stock Exchange eased on Friday as investors began taking advantage of the 15-month high the market reached the day before.
However, turnover was low at P7.75 billion compared with Thursday’s P10.4 billion. The benchmark Philippine Stock Exchange Index (PSEi) still held above 8,000 points, at 8,025.35, shedding 76.95 points or 0.95 percent. The broader All Shares index lost 34.11 points (0.71 percent) and settled at 4,794.03.
On the whole, 95 stocks suffered declined while 133 gained and 43 remained unchanged.
Victor Felix, equity research analyst at AB Capital Securities Inc., said stock market investors took some profit as the index still stood well above the 8,000 level. He also attributed the profit taking to investors not wanting to hold on to their positions during the weekend, a move that, he said, would “lessen their risks should a black swan [unexpected]event take place during the weekend.”
According to Aniceto Pangan, trader at Diversified Securities Inc., the market was merely following the regional markets.
“Most of the regional markets are down today [Friday], we just followed suit. Also, the Philippines having one of the highest valuations necessarily needed some correction,” he said.