PSEi down 0.51% by noon on profit-taking

Investors continued to cash in on gains after a strong rally last week, driving the index to widen losses at the noon break Monday.

 

The main PSEi was down 34.62 points or 0.51 percent to 6,812.64 at the noon recess. The All Shares index shed 12.11 points or 0.29 percent to 4,103.95.

 

"The main reason is profit-taking," Unicapital Securities Inc. research head Lexter Azurin told GMA News Online.

 

"We've been up for seven straight weeks, making the market ripe for profit-taking," he said.

 

After Standard & Poor's raised the Philippine credit rating by a notch above investment grade last Thursday, the index rose to 6,847.26 on Friday, its highest level in 11 months, AB Capital Securities Inc. analyst Abbygayle Estrella said earlier.

 

The market's ascent is still intact but will need to find footing at the 6,800-level before another rally takes place, Estrella noted. – VS, GMA News