PSEi retreats on profit-taking

Philippine Stock Exchange

MANILA –- Local share prices retreated anew but sustained the 7,700-level on Tuesday as investors booked profits from previous rallies that pushed the main index to record highs.

The barometer Philippine Stock Exchange index (PSEi) declined 59.43 points to 7,723.14 from previous day’s 7,782.57 close.

Equities brokerage DA Market Securities Inc. said the market succumbed to profit taking as the country treads higher into the earnings season and near Chinese New Year celebrations in the region which may trigger a period of low-volume trading due to extended holidays.

It also noted the possible rife rotation of fund flows among stocks as investors seek for more attractive values in the market.

All counters were in negative territory, except services that rose slightly.

Volume of trade was thick at 3.46 billion shares amounting to Php19.15 billion.

Decliners dominated advancers, 97 to 90, while 48 issues unchanged.

The day’s top losers were led by Euro-Med Laboratories Phil. Inc., Bogo Medellin Milling Company Inc., United Paragon Mining Corp., DFNN Inc. and Oriental Petroleum and Minerals Corp.