PSEi retreats to 7,900 on profit-taking

Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 04 Jun 2019 16:26:08 +0000

Following a surge from the day prior, share prices fell back to the 7,900 territory on Tuesday as investors cashed in on gains.

The benchmark Philippine Stock Exchange index (PSEi) declined by 1.73 percent or 139.51 points to end at 7,945.37 while the wider All Shares shed 1.13 percent or 55.79 points to finish at 4,883.22.

Regina Capital Development Corp. head of sales Luis Limlingan blamed sell-offs to profit-taking as issues jumped into overbought conditions on Monday.

Philstocks Financial Inc. shared the same view, saying the market “corrected from the rally yesterday (Monday) amid profit-taking.”

Limlingan said investors also repositioned portfolios ahead of today’s (Wednesday) holiday wherein the market is closed to mark the Eid al-Fitr or the end of Ramadan.

The local market traded in line with most global peers. In the region, Tokyo and Seoul dipped 0.01 percent and 0.04 percent, respectively, while Shanghai fell 0.96 percent, and Hong Kong slipped 0.49 percent.

Jakarta climbed 1.72 percent, Singapore grew 0.46 percent, and Bangkok increased 1.13 percent.

In Manila, all sectoral results finished in the red with the property sector down the most by 2.67 percent, after being the top gainer among other indices on Monday.

More than 599 million issues were traded valued at P10.55 billion.

Losers led winners, 113 to 84, while 40 issues were unchanged.

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