PSEi drops 1.10% at noon break on profit-taking

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STOCK market investors pocketed gains in early trade on Friday following Friday’s run-up.

At noon break, the bellwether index was down 92.88 points or 1.10 percent at 8,368.18. The broader All Shares dropped 50.51 points or 1.02 percent to 4,888.03.

BDO Capital and Investments Corp. President Eduardo Francisco said traders were in profit-taking mode as the market seemed about to break through resistance of 8,400 points.

“The market looked like it was [going to]break the 8,400 level yesterday … just a technical correction,” he said.


In the next two weeks, he said the market was likely to trade between the 8,300 and 8,500 levels until year-end.

All sub-indices were in the red during market recess, with the mining and oil sub-index posting the biggest decline of 1.65 percent. ANGELICA BALLESTEROS

 

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