PHL shares fall from all-time high as investors cashed gains

Shares on the Philippine Stock Exchange fell in active trading Friday as investors cashed their gains after the market reached breakthrough highs in the last two trading days.   “It was down… I think after hitting a series of all-time highs,” said Ron Rodrigo, head of research at DEB-Daiwa Capital Market Philippines Inc.   The main PSE index dropped 34.28 points or 0.73 percent to close at  4,613.83.   More than 2.227 billion shares were traded, valued at P5.755 billion.   Decliners led advancers 101 to 61 and 50 issues were unchanged.   Rodrigo said the market is now looking at the psychological support level of 4,600, where the main index ended hovering by about 14 points over it.   The next support level is around 4,500, he added.   Other markets in the region fared better.   According to a Reuters report, “Asian shares rose to a one-month high and the euro clung near its strongest in a week on Friday as strong demand in Spanish and Italian debt sales tempered risk aversion ahead of another auction from Rome later in the day.   Overnight In New York, “The S&P 500 closed at a five-month high for the third day on Thursday but had difficulty extending gains in the face of lackluster economic data and another European bond market test… The Dow Jones industrial average gained 21.57 points, or 0.17 percent, to 12,471.02,” Reuters said in another report.  — GMA News