The Philippine Stock Exchange index (PSEi) retreated to 7,686.43 yesterday down 0.48 percent or 36.71 points due to profit taking. The broader All Shares index was down 0.41 percent or 18.53 points to 4,467.01.
Joyce Anne Ramos, investment analyst at AB Capital Securities Inc., said investors took profits after the market breached the 7,800-point barrier on Tuesday, recording all time intraday high of 7807.71.
“Investors just cashed in their gains after the index touched the 7,800 psychological resistance yesterday and in anticipation of the upcoming announcement of the MSCI rebalancing and the BSP [Bangko Sentral ng Pilipinas] key rates decision tomorrow,” Ramos said.
“In the coming days, the announcements of full year 2014 corporate earnings and
dividends payout will dictate the market movement and direction,” she added.
The morning trade was mostly positive, following the Tuesday close of US markets: Dow Jones up 139.55 points, S&P 500 added 21.85 points, and Nasdaq gained 61.63 points.
Property and mining and oil counters were in the green at the end of Wednesday’s trading session, while the four other subindices lost, led by industrial index that erased 131.99 points or 1.02 percent.
Most active issues that declined were Universal Robina Corp., Philippine Long Distance Telephone Company, SM Investments Corp., Metropolitan Bank and Trust Company, Bloomberry Resorts Corp., and International Container Terminal Services Inc.
The top gainers included SM Prime Holdings Inc., GT Capital Holdings Inc., Ayala Land Inc., and Energy Development Corp.
Total volume was at 1.52 billion shares, while value turnover reached P9.54 billion.
Decliners went ahead of advancers, 97 to 88, while the unchanged stood at 42.
On Tuesday, the main PSEi dropped after hitting an all time high of 7807.71, closing with a 0.76-percent slump or 59.43 points to 7,723.14 while wider All Shares index also decreased by 0.57 percent or 25.69 points to 4,485.54.