Philippine shares yield to profit-taking

Investors pocketed gains Tuesday in line with a regional downtrend, driving share prices lower on the Philippine Stock Exchange.

The bellwether PSEi lost 25.26 points or 0.32 percent to 7,860.77 at the closing bell. The broader All Shares shed 9.36 points or 0.20 percent to 4,690.78.

"It's because of the profit-taking. Most of the regional markets were down today, thus the market went on profit-taking after a series of gains in the last few days," Aniceto K. Pangan, equities trader at Diversified Securities Inc., said.

More than 1.332 billion shares, valued at P7.387 billion, changed hands. Decliners led advancers, 105 to 77, and 58 issues were unchanged.

Foreign funds bought P3.904 billion of shares during the session and sold P2.522 billion for a net buying position of P572.076 million. — VDS, GMA News