PSEi snaps 4-day rally on profit-taking

Share prices on the Philippine Stock Exchange snapped a four-day winning streak on Wednesday as investors pocketed gains from previous session.

The bellwether PSEi shed 31.20 points or 0.42 percent to close at 7,382.43. The broader All Shares lost 15.38 points or 0.34 percent at 4,443.38.

Profit-taking came into the picture after the successive rallies in the last four trading days, Philstocks Financial research associate Piper Chaucer Tan said.

Investors were prompted to cash in on gains amid uncertainties about the upcoming November inflation data which will be released next week, Tan said.

The Philippine Statistics Authority is scheduled to release the inflation figures on December 5.

The upcoming data is crucial in determining whether or not another monetary policy tightening is warranted.

Foreign funds were net buyers during the session, noted P2P Trade Online marketing head Arbee Lu.

Foreign funds bought P3.655 billion of shares and sold P3.389 billion for a net selling position of P265.936 million.

More than 1.154 billion shares valued at P7.218 billion, changed hands. Decliners led advancers, 95 to 81, and 54 issues were unchanged. —VDS, GMA News