Index snaps 2-day gain on profit taking

MANILA, Philippines - Profit taking and the absence of leads snapped a two-day run-up of the bellwether index.

The Philippine Stock Exchange index eased 0.06 percent or 4.06 points to 6,462.49, while the broader all shares index added 0.07 percent or 2.63 points to 3,907.71.

Asian markets retreated yesterday as investors look into the developments in Ukraine while some stayed at the sidelines pending the conclusion of the US Federal Open Market Committee’s policy meeting.

Hong Kong’s Hang Seng index dropped 0.07 percent or 14.81 points to 21,568.69 while bourses in Shanghai, Singapore, Korea and Taiwan were in the red.

In contrast, Wall Street gained anew on Tuesday after Russian president Vladimir Putin said the country does not plan to secure more parts in Ukraine.

The Dow Jones industrial average improved 0.55 percent or 88.97 points to 16,336.19 while the broader Standard & Poor’s 500 index rose 0.72 percent or 13.42 points to 1,872.25.

At home, most counters were in the red, paced by property firms that shed 0.48 percent or 11.79 points to 2,431.06. But mining and oil climbed 1.32 percent or 190.28 points to 14,583.26.

Turnover value jumped to P10.19 billion from P7.82 billion on Tuesday.

Advancers slightly outplayed losers, 83 to 75, while 48 stocks did not change.

Most active stocks were mixed. The gainers were led by top-traded Aboitiz Power Corp. (+0.38 percent) and PLDT (+0.15 percent) while ICTSI (-0.88 percent) and BDO Unibank Inc. (-0.35 percent) led the decliners.