Stocks retreat 0.60% on profit-taking


SHARE prices fell Tuesday as profit-taking set in after the benchmark PSEi breached the 8000-point level on the heels of marginal losses overnight on Wall Street.

“The market today just followed the softness of the US market, but technically continues to consolidate, though with an upside direction,” Summit Securities Inc. President Harry Liu said.

The PSEi dropped 0.60 percent or 48.26 points to close at 7,953.12. The broader All Shares slipped 0.42 percent or 19.96 points to 4,740.13.

On Monday, the market met resistance and closed at 8,001.38, the highest since the PSEi finished at 8,051.40 on August 10, 2016.

The Dow Jones Industrial Average declined by 0.10 percent on Monday (US time), the tech-heavy Nasdaq retreated by 0.16 percent, and the S&P 500 was down 0.12 percent.

The market took a breather as investors turned cautious as former FBI Director James Comey is expected to testify before the US Senate on Thursday on alleged collusion between the Trump campaign and Russia’s interference with the US elections, Regina Capital Corp. Managing Director Luis Limlingan said. He also cited the upcoming UK election and the European Central Bank meeting.

Eagle Equities Inc. President Joseph Roxas said there was no strong market-moving news, but investors simply decided to pocket gains.

Nearly all sectoral indices were in the red. Financials were down 0.84 percent, Holding Firms fell by 0.74 percent, Industrials declined by 0.39 percent, Property lost 0.38 percent, and Mining and Oil dipped by 0.23 percent. Only the Services sector posted a marginal gain of 0.04 percent.

Among the most actively traded issues, D&L Industries Inc. lost 2.25 percent, Ayala Corp. dropped 1.34 percent and Bank of the Philippine Islands lost by 1.22 percent.


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