DESPITE moving on a positive note through most of the session, the benchmark index dipped during the afternoon trade as investors opted to take profit and gave the broader market more of a mixed direction than a definite trend.
The Philippine Stock Exchange index (PSEi) dipped 0.07 percent or 5.69 points to 7,601.17, while the All Shares edged lower by 0.02 percent or 0.79 points to 4,351.39.
“Profit-taking caused the slight dip, but moving forward, we could see a retest of 7,800 levels. Support lies at 7,500 levels,” Jonathan Ravelas, BDO chief market strategist, said in a text message.
In a separate phone interview, First Grade Finance Inc. Managing Director Astro del Castillo noted that investors grew “cautious” as global markets were volatile to serve as uptrend catalysts.
“The market is more on consolidation today, and we see that continuing in the next few days. I think the market will try to consolidate within these levels: 7,500 to 7,600 points,” del Castillo said.
Among the sectoral indices of three losers and three gainers, the industrial rose by 0.20 percent while the property subindex lost the most by 1.09 percent.
The market was thinly traded with 913.34 million shares, valued at P8.607 billion, changing hands.
The winners and losers were even at 76, while 50 issues were unchanged.