Profit-taking snaps stock market rally
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 08 Jan 2019 16:29:05 +0000
THE stock market snapped a four-day rally on Tuesday as investors took profits while waiting for the results of renewed trade talks between the United States and China.
The Philippine Stock Exchange index (PSEi) dropped by 1.10 percent or 85.54 points to close at 7,702.12. The broader All Shares declined by 0.81 percent or 37.80 points to finish at 4,634.17.
Regina Capital Development Corp. head of sales Luis Limlingan said market players had lightened positions while staying on the sidelines ahead of the outcome of the US-China trade talks in Beijing.
Diversified Securities, Inc. trader Aniceto Pangan echoed Limlingan’s view, saying investors cashed in following an over 300-point gain since the start of the year.
The PSEi ignored overnight gains on Wall Street, which provided positive leads for most other Asian markets.
Hong Kong added 0.2 percent while Tokyo finished up 0.8 percent and Sydney added 0.7 percent.
Singapore added 0.4 percent while Wellington and Mumbai rose but Shanghai fell 0.3 percent, Seoul was off 0.6 percent and Taipei also slipped 0.3 percent.
Back in Manila, all sectoral indices were in the red, with the property down the most by 1.76 percent.
More than 1.2 billion issues valued at P6.03 billion changed hands.
Losers led winners, 118 to 69, while 44 issues were unchanged.
FROM REPORTS BY AFP
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