PHL shares fall steeply after firm open

Philippine shares fell steeply at early trades Wednesday after a firm open, as the extended technical rebound opened opportunities for profit-taking.

 

"The market went up to the 6,541-level still on technical rebound. We are also tracking Wall Street, which went up overnight," Elizabeth Abadillo, analyst at Angping & Associates Securities Inc.

 

"But the technical rally will open opportunities for profit-taking," she added.

 

The main PSEi fell by 30.33 points or 0.46 percent to 6,488.44 as of 10:16 a.m.

 

Abadillo said investors are still on a wait-and-see mode on the results of US Federal Reserve's policy meeting.

 

"On the tapering of US Fed's quantitative easing, it will depend on what Bernanke will say. But whatever happens, outlook is still on the upside," she said. —KG, GMA News