Index tumbles as traders take profits

MANILA, Philippines - Investors were quick to book gains yesterday following the bellwether index’s climb to an 11-month high.

The Philippine Stock Exchange index (PSEi) declined 0.52 percent or 35.92 points to 6,811.34, snapping a two-day climb, while the broader all shares index fell 0.25 percent or 10.43 points to 4,105.63.

“The PSEi eased off its 11-month high with profit-taking dominating the first hour of trades,” said Justino B. Calaycay Jr., an analyst at Accord Capital Equities Corp.

“The bane of unfolding events overseas was just too much for short-term investors sitting on gains,” he added.

Asian markets were mixed yesterday, failing to provide positive leads to local investors. Calaycay said investors balanced the risks arising from developments in Ukraine and rising unrest in Thailand.

The local bourse also bucked the uptick in Wall St. on Friday.

Most counters were in the red, paced by the service sector that shed 1.39 percent or 28.88 points to close at 2,051.50. But industrial companies gained 0.24 percent or 25.04 points to end at 10,276.81.

The value of shares traded slipped to P8.02 billion from P11.89 billion on Friday. Advancers barely outpaced decliners, 89 to 86, while 46 stocks did not change.

Even actively-traded shares posted varying results. Top-traded and index heavyweight PLDT sank 2.42 percent, while Ayala Land Inc. (-0.63 percent), Megaworld Corp. (-2.78 percent) and Metrobank (-0.92 percent) followed suit.