Market succumbs to profit taking

MANILA, Philippines - Share prices ended the week in the red as profit takers ruled the afternoon trading.

The Philippine Stock Exchange index (PSE)closed flat, losing 0.02 percent or 1.32 points to 6,458.67 after hitting a fresh intraday high at 6,489.90 during the morning trading. The broader all shares index barely rose 0.04 percent or 1.71 points to 4,064.41.

“On a daily basis anything can happen right now. But the dominant trend right now is profit taking,” Jose Mari B. Lacson, head of research at stock brokerage Campos, Lanuza & Co., said in a phone interview.

The main index neared the unprecedented 6,500 mark, closing the morning trading at 6,459.99 before investors booked profits when trading resumed.

The local market bucked the trend in the region. Asian shares gained as China reported that exports surged 25 percent in January from a year ago, beating market expectations.

On Thursday in Wall Street, the Dow Jones fell shed 0.3 percent or 42.47 points to 13,944.05 while the broader Standard & Poor’s 500 index fell lost 0.18 percent or 2.7 points to to 1,509.39 as the market was dragged by reports of weaker growth in corporate earnings.

In the local market, subindices were mixed. Gainers were led by property firms that added 0.41 percent or 10.77 points to 2,608.33 while losers were led by industrial companies that fell 0.65 percent or 63.37 points to 9,744.82.