Profit takers drag down Phl stocks

MANILA, Philippines - Philippine stocks retreated yesterday as profit-takers cashed in their recent gains, analysts said.

The Philippine Stock Exchange index (PSEi) dropped 0.60 percent or 44.36 points to close at 7,358.36 while the all shares index followed on the decline as well, losing 0.37 percent or 16.23 points at 4,320.67.

“Sessions were ripe for potential technical breathers, given its recent ascent.  Part of the reasons were driven by shortened trading week, ahead of the long Papal visit holiday,” said Jason T. Escartin, investment analyst at F. Yap Securities.

All local counters except for one finished in the negative zone, led by the property firms which shed off 1.48 percent or 42.99 points.

Share prices of property firms such as Vista Land and Lifescapes Inc. and Ayala Land Inc. plunged 5.76 percent and 2.86 percent, respectively.

Mining and oil was the only counter which closed in the green as it gained 1.99 percent or 321.98 points.

Decliners crushed advancers, 111 to 69, while 44 stocks were unchanged.

Total value turnover, however, managed to surge to P23.69 billion from P11.20 billion last Friday.