Index slides as investors pocket gains

Share prices declined yesterday as investors pocketed gains, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) retreated 72.63 points to close at 8,348.32, while the broader All Shares gauge lost 28 points, or 0.57 percent, to finish at 4,885.79.

The rest of the counters were a mixed bag. Three sectors, the holding firms, financials and mining and oil ended in negative territory while the industrial, property and services sectors managed to stay afloat.

Total value turnover reached P13.29 billion. Market breadth was negative as decliners outnumbered gainers, 111 to 90 while 37 issues were left unchanged.

The pullbacks came after last week’s strong performance as bulls prevailed over bears and allowed the market to reach new highs.

Last week, the market reached a high of 8,586.73 points.

Traders said the market is simply on a profit taking binge, taking money from the market after recent highs.

“Philippine equities continued on profit taking after hitting a new record high last week and to remain on the sidelines prior to the releases of earnings. This was in contest to US stocks which saw another record finish on hopes that Trump’s tax cut plan will move ahead,” said Luis Limlingan of Regina Capital.