Index eases after hitting 6,500 level
MANILA, Philippines - The main index closed in the red for the second consecutive trading day, retreating after posting a new intraday high past the 6,500 mark.
The Philippine Stock Exchange index (PSEi) ended flat, slipping 0.01 percent or 0.66 point to 6,458.01 while the broader all shares index added 0.1 percent or 4.07 points to 4,068.48.
Previously uncharted, the 6,500 territory was breached briefly during the morning trading, allowing the main index to post a new intraday high at 6,500.08.
However, profit taking kicked in following the new intraday high up to the end of the trading day.
Asian markets like those in Japan, China, Hong Kong, Singapore and South Korea were closed due to the Lunar New Year holiday.
In the local market, most subindices were in the green, paced by mining and oil that climbed 0.54 percent or 120.91 points to 22,675.54. But the service sector dragged the benchmark index as it lost 0.39 percent or 7.43 points to 1,914.10.
Advancers narrowly outpaced decliners, 83 to 81, while 48 stocks did not change.
As expected, turnover thinned due to the holiday. Total value turnover dropped to P5.88 billion from P7.84 billion on Friday.
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