Philippine stocks fall 1.25 percent on profit-taking

Shares on the Philippine Stock Exchange fell in a bout of profit-taking as the market goes on correction mode after a steep run-up to record highs last week.   “It’s just a softening up of the market after the run-up last week… Now, its in a correctional phase,” said Harry Liu, president of Summit Securities Inc.   “As long as the market holds within the 200-point consolidation window and does not breach the 4,740-4,730 area, then we are going to see another upward trend probably at the end of the month or in early March, Liu noted.   The main PSE index dropped 60.35 points or 1.25 percent to close at 4,755.98.   More than 5.465 billion shares valued at P7.513 billion were traded Tuesday.   Losers led gainers 118 to 61, with 36 issues closing unchanged.   Other Asian market were also on the soft side. According to a Reuters report, “Greek resistance to the strict conditions attached to a bailout fund on Tuesday sapped recent momentum in markets spurred by hopes the global economy is improving…”   “MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.4 percent to its highest since Sept. 1, then reversed direction, and last stood barely changed,” the Reuters report added. — GMA News