Stocks retreat as investors continue to take profit

MANILA, Philippines — Share prices were down anew as investors continued to take profit after the market reached a record high at the start of the week.

The benchmark Philippine Stock Exchange index (PSEi)shed 107.04 points, or 1.20 percent, to finish at 8,813.25.

Likewise, the broader All Shares index also lost 42.76 points or 0.83 percent to settle at 5,101.41.

Most counters ended in negative territory except for the mining and oil index which closed higher by 0.28 percent.

Total value turnover reached P7.744 billion. Market breadth was negative, 120 to 88 while 54 issues were left unchanged.

Astro del Castillo, managing director at First Grade Finance Inc., said the performance of the market yesterday was expected following Tuesday’s all time high.

“It was expected. Profit taking took place,” he said.

On Monday, the local stock market soared 178.60 points to settle at its best ever finish of 8,923.72.

Del Castillo said investors should start looking for bargains in preparation for the next wave.

The next wave, he said, is expected to happen soon when corporates report on last year’s financial performance, as well as the 2017 gross domestic product report.

“Investors can use this opportunity to buy stocks so they can join the next wave. Soon, this will happen,” he said.