The local stock market finally succumbed to profit-taking yesterday after a five-day rally which included an early month’s end window-dressing.
The Philippine Stock Exchange index (PSEi) dropped 101.32 points, or 1.30 percent, to close at 7,672.00 with all sectoral indices in the red. Trading volume was firm at 842.02 million shares worth P7.05 billion.
Decliners swamped advancers, 130-63, with 52 issues unchanged.
“Local shares were sold down after five consecutive days of bargain hunting. Investors decided to take profit from issues that they had bought earlier,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “funds also kept to cash ahead of the FOMC meeting which will occur tomorrow evening in the US. In addition there was added pressure when US stocks fell last night.” (JAL)