Profit-takers snap 6-day stock market advance

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The Philippine stock market ended a six-day advance with a 0.49 percent loss in the benchmark index on Tuesday after profit-taking dragged prices back to the 7,800-point level.

The Philippine Stock Exchange index (PSEi) dropped 39.12 points to close at 7,871.31. The
All Shares index shed 0.39 percent or 17.61 points to 4,542.40.

“The decline was due to profit-taking mostly from [gains made during]the six-day rally.
We expect profit-taking to continue, with the index consolidating at the 7,700 to 8,000-point range,” Alexander Adrian Tiu, analyst at AB Capital Securities Inc., said in a text message.

All sectors finished in the red on Tuesday, led by the property and mining-and-oil with losses of 25.43 points and 80.29 points, respectively.


Total trade volume was 648.225 million shares, valued at P6.304 billion. Losers outnumbered gainers 103 to 80, while 39 issues closed unchanged.

On Monday, the benchmark stock exchange index gained 28.48 points or 0.36 percent to 7,910.43 at the close, while the All Shares index added 13.88 points or 0.31 percent to 4,560.01.

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