Index retreats as profit takers swarm market

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) retreated yesterday as profit takers swarmed the market following the downtrend in most bourses abroad.

The PSEi slipped 0.37 percent or 28.79 points but managed to stay above the 7,800 level at 7,819.04.

The broader all shares index also finished in the red, dropping 0.21 percent or 9.71 points to close at 4,547.60.

Most analysts said investors have been too enticed to pocket in gains from Wednesday’s all-time high performance, resulting in the decline during yesterday’s session.

The much anticipated outcome of February’s inflation data did not make much of an impact yet to the local market during Thursday’s session.

 “With foreign demand seeming to have dried up in the previous session, investors may check for flat trading with a downward bias in the next couple of sessions,” said Jason Escartin, investment analyst at F. Yap Securities Inc.

Abroad, most Asian markets and even Wall Street indexes ended lower. Locally, counters in the red overwhelmed those in the green, as only the services and mining and oil companies managed to increase.

Industrial firms led counters which closed in the negative territory as it loss 1.07 percent or 137.59 points.

Value turnover stood at P9.09 billion with 7.02 billion shares changing hands.

Market breadth was positive as advancers beat decliners, 94 to 90, while 46 stocks were unchanged.