Profit taking dampens share prices

MANILA, Philippines - The main Philippine Stock composite index retreated from a record high yesterday as investors were quick to book gains.

The Philippine Stock Exchange index (PSEi) slipped 0.22 percent or 14.58 points to settle at 6,513.41. Prior to the profit taking in the afternoon, the main index posted an intraday all-time high at 6,542.51 in the morning trading, beating the 6,531.79 on Wednesday.

The broader all shares index slightly fell 0.07 percent or 2.80 points to 4,091.38.

“The local market corrected as most investors retested the PSEi’s staying power above the 6,500 level,” Freya Natividad, investment analyst at brokerage firm 2Trade-Asia.com, said in a phone interview.

There were still moments of gains in the main index but it was tempered by profit takers, Natividad said.

The main index bucked the trend in Asia, where stock markets advanced due to improving risk sentiments prior to the G20 finance and central bank officials’ meeting during the weekend. Japan’s Nikkei 225 added 0.5 percent or 55.87 points to 11,307.28.

In the local bourse, most subindices were in the red, led by mining and oil that lost 1.64 percent or 370.03 points to 22,234.42. It was mainly dragged by Semirara Mining Corp. that sank 7.99 percent or P20.60 to P237.20 due to an accident in its coal mine.

Industrial companies bucked the trend, gaining 0.81 percent or 79.07 points to 9,883.77 while property firms barely rose 0.04 percent or 1.11 points to 2,650.79.