PHILIPPINE stocks succumbed to profit-taking on Wednesday as investors booked gains accumulated during the market’s two-day climb, with the local stock barometer briefly hitting an intraday high of 7,016.04.
The benchmark Philippine Stock Exchange index fell 0.22 percent, or 15.4 points, to 6,958.01.
The broader All Shares index lost 1.73 points, or 0.05 percent, to 3,759.55.
Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said the decline was due to late profit-taking as “investors booked gains after the market [had] climbed for two straight days.”
“Chartwise, the market retested but still failed to overtake the 7,000-resistance level,” he added.
Regina Capital Development Corp. Managing Director Luis Limlingan, for his part, said “Philippine shares closed mildly lower after touching an intraday-high above 7,000 once again, with investors watching out for more economic data that will reinforce a potential rate cut in September.”
“The prospect of easing monetary policy has many investors taking positions, reflecting the broader market’s cautious optimism, both locally and globally,” he explained.
Sectors were mixed, with mining and oil taking the lead by adding 0.85 percent, while services were at the bottom, shedding 0.73 percent.
Gainers edged out decliners, 99 against 90, while 54 stocks were unchanged.
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