Index drops on continued profit taking

hilippine stocks declined for the second straight session yesterday as in estors continued to pocket gains from the market s recent run up.

he hilippine tock xchange index i shed . percent or . points to close at , . , while the roader all shares index lost . percent or . points to , . .

ocal share prices fell, extending losses to second day amid generally positi e trading across the sian region,” said ustino Calaycay r., an analyst at ccord Capital uities Corp.

he i tested the support near the , line right in the first half-hour and traded practically flat thenceforth,” Calaycay said.

sian shares were timid, dragged y all treet that declined due to weak corporate earnings reports.

he ow ones industrial a erage eased . percent or . points to , . while the roader tandard oor s index dropped . percent or . points to , . .

apan s ikkei gained . percent or . points to close at , . while ong ong s ang eng index fell . percent or . points to , . .

sia continues to take its cue from the , which on ednesday night snapped its longest winning streak in six months as the first set of disappointing earnings and home prices fell,” Calaycay said.

n the local scene, all counters, sa e for mining and oil that rose . percent or . points to , . , were in the red. he decliners were led y the ser ice sector that ended . percent or . points lower at , . .