PSEi down 0.16% on profit-taking

Share prices on the Philippine Stock Exchange closed in the red, albeit flat, on Wednesday as market players cashed in gains from the previous session’s rally.

The benchmark PSEi shed 11.22 points or 0.16% to 7,024.26 at the closing bell. The broader All Shares increased by 6.33 points or 0.16% to 4,102.80.

“The PSEi ended slightly lower today but mainly flat as selling picked up on issues that saw an incredible rally the day before,” AAA Equities head of research Chris Mangun said.

“This is what we expected due to the ‘too far, too fast’ rally in several large-cap issues... We continue to see high trading volumes as there is a lot of interest from investors due to the improving sentiment,” Mangun said.

Nevertheless, he said the main index was able to end above the 7,000 key level and “may establish strong support at this level.”

Foreign funds bought P18.699 billion shares and sold P16.707 billion for a net buying position of P1.991 billion.

More than 2.239 billion shares valued at P27.77 billion, changed hands. Advancers led decliners, 139 to 70, and 49 issues were unchanged.—AOL, GMA News