Philippine stocks dip on profit-taking

Share prices on the Philippine Stock Exchange closed in the red on Wednesday as investors cashing in on gains boosted selling pressure.

The bellwether PSEi shed 101.01 points or 1.40% to 7,102.66 at the closing bell. The broader All Shares lost 32.92 points or 0.77% to 4,253.13.

“The PSEi declined today as profit-taking resumed, which is what we expected as it hovered around the 7,200 area,” AAA Equities head of research Chris Mangun said.

“Trading volumes remain high and second-liners continue to see volatility which tells us that investors are still comfortable with current market conditions,” Mangun said.

More than 99.199 billion shares valued at P9.881 billion, changed hands. Advancers led decliners, 132 to 117, and 27 issues were unchanged.

“Despite the positive sentiment, investors are not willing to pay a higher price for blue chips at least not before the holidays,” Mangun said.

“Investors may want to see how well the economy performs this December before justifying a higher valuation,” he added.—AOL, GMA News