PH shares falter on profit- taking

SHARE prices retreated on Monday as the benchmark PSEi failed to break the resistance level and investors cashed in on gains.

The main index fell 53.42 points or 0.66 percent to close at dropped 23.74 points or 0.50

“It’s the market’s failure to break the market reversed,” Eagle Equities Inc. President Joseph Roxas said.

IB Gimenez Securities research head Joylin Telagen said it was normal for investors to cash in on previous gains.

“If companies released strong positive earnings, I think the index Or else, if it resists to break that might form a triple top. Mediumterm strong support, at a worst added.

Most market indices were in the red. Services dropped 1.79 percent, Property retreated 1.23 percent, Mining and Oil lost 0.47 percent, percent. Industrials posted a 0.19 percent gain.

PLDT Inc. tumbled 3.71 percent while Cemex Holdings Philippines rebounded by 1.16 percent.

Volume turnover reached more than 1.4 billion shares valued at P7.9 billion.

Decliners outnumbered advancers, 129 to 74, while 53 issues closed unchanged.