Profit-taking keeps PSEi in red

Share prices on the Philippine Stock Exchange saw a decline for the second straight session on Wednesday as investors continued to book profits after stocks recently reached eight-month highs.

The bellwether PSEi shed 107.16 points or 1.51% to 7,001.51 at the closing bell. The broader All Shares lost 44.27 points or 1.05% to 4,184.28.

“The market continued lower today as profit-taking persisted. It ended right at the 7,000 physiological support level,” AAA Equities head of research Chris Mangun said.

“The pullback was expected after the PSEi gained more than 22% in the last three weeks,” Mangun said.

Foreign funds continue to be net sellers at P1.394 billion as they sold P7.32 billion worth of shares and bought P5.925 billion worth of stocks.

More than 8.034 billion shares valued at P14.074 billion, changed hands. Decliners led advancers, 120 to 97, and 40 issues were unchanged.

“The correction is healthy for the market's uptrend as it relieves selling pressure as well as lets other investors buy in at lower prices,” Mangun said.

“If it does not hold support at 7,000 in the next session, we may see it continue lower towards its next support at 6,850,” he said.—LDF, GMA News