Stock index falls below 6,700 level
MANILA, Philippines - The main stock index fell below the 6,700 level yesterday, the fourth consecutive day of decline, as investors continue to pocket gains from the market’s recent runup to record highs.
The Philippine Stock Exchange index (PSEi) lost 1.21 percent or 81.85 points to 6,694.71, the first time it retreated to the 6,600 mark since closing at 6,637.56 on March 4.
The broader All Shares index shed 0.73 percent or 30.77 points to 4,183.30.
“We are in the consolidation phase given the dearth of news. The lack of news gives a signal for investors to take profit,†Astro C. del Castillo, managing director of First Grade Finance Inc., said in a phone interview.
Even the continuous climb in Wall St. was not enough to propel the local market higher.
The Dow Jones industrial average inched up 0.04 percent or 5.22 points to another record high at 14,455.28 while the broader Standard & Poor’s 500 index added 0.13 percent or 2.04 points to 1,554.52 due to data on strong retail sales.
In the local market, almost all counters were in the red, led by service firms that sank 2.04 percent or 40.65 points to 1,954.26. Industrial firms bucked the trend, adding 0.01 percent or 1.34 points to 9,972.01.
Conglomerates Ayala Corp. (down 1.61 percent), SM Investments Corp. (down 2.09 percent) and Alliance Global Group Inc. (down 1.59 percent) were among those hit by profit taking.
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