Index eases as investors take profits

MANILA, Philippines - The local benchmark index failed yesterday to advance above the 7,300 level as investors decided to book little profits gained earlier in the day.

The Philippine Stock Exchange index (PSEi) fell 0.19 percent or 13.60 points to end at 7,192.12 while the all shares index dropped 0.22 percent or 9.48 points or to 4,234.20.

“Investors, growing impatient for positive spins, have opted to head to the exits pulling the index below 7,200,” said Justino Calaycay, analyst at Accord Capital Equities Corp.

The PSEi was trading healthily in the morning session on the back of upbeat US jobs data, but slowly fell through in the afternoon session as profit takers entered the scene.

In Wall Street, the Dow and the S&P 500 rallied to gain 0.11 percent and 0.03 percent, respectively.

Locally, only the services sector provided a bright spot as it climbed 0.02 percent or 0.51 points.

Property firms, meanwhile, suffered the biggest loss, dropping 0.97 percent or 27.74 points.

Market breadth stayed in the negative as decliners beat advancers, 92 to 76, while 47 stocks did not change.

Value turnover slimmed further to P5.51 billion from P9.46 billion last Friday.

“Half-way through the earnings season, the numbers have proven to be rather decent except for a handful of disappointments,” Calaycay said.