• Stock market fails to crack 8,000

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    SHARE prices retreated on Tuesday, with the Philippine Stock Exchange Index down 0.07 percent or 5.76 points to close at 7,986.51.

    The wider All Shares declined 0.39 percent or 18.72 points to finish at 4,734.64.

    “As many corporate earnings were released, Philippine markets attempted to crack past the 8,000 mark once more but failed in the process due to profit-taking,” Regina Capital Development Corp. noted.

    The market decline weighed on debutante Chelsea Logistics Holdings Corp. which closed down more than 1 percent on its first trading day.

    “One of the reasons Chelsea dropped is due to the market—overall sentiments affected,” Philstocks senior research analyst Justino Calaycay Jr. said.

    Chelsea rose to as much as P11.22 apiece but closed at P10.56, down 1.12 percent from its IPO price of P10.68.
    Sectoral indices were mixed, with financials, services and property the only gainers.

    Over 1 billion shares valued at P8.5 billion changed hands. Decliners led advancers, 138 to 60, while 51 issues were unchanged.

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