PHILIPPINE share prices retreated on Tuesday as profit-takers dominated the market after a three-day rally drove up the PSEi close to the 8,000-point level.
The PSEi fell 0.49 percent or 38.83 points to finish at 7,923.50. The wider All Shares index dropped 0.47 percent or 22 points to 4,709.25.
“After three days of strong gains, hitting overbought levels and nearing next major resistance, the market needed to pause and handle some profit-taking,” COL Financial Sales Vice President Juanis Barredo said.
“Not so much [other catalysts]that I have seen. Local profit-taking seems the main reason after a strong few days,” he added.
IB Gimenez Securities Inc. Research Head Joylin Telagen sees more investors cashing in on gains in the next couple of days.
The Mining and Oil index registered the biggest loss of 1.08 percent. Except for the Holding Firms’ insignificant 0.01 percent advance, the rest of the sectoral indices also posted losses.
International Container Terminal Services Inc. gained 2.11 percent, GT Capital Holdings Inc. advanced by 1.17 percent, SM Investments Corp. rose by 0.90 percent and Security Bank Corp. was up 0.74 percent.
Among the top losers were SM Prime Holdings (-1.22 percent), BDO Unibank (-0.81 percent), Ayala Corp. (-0.79 percent) and Bank of the Philippine Islands (-0.38 percent).