Profit-taking drags local stock market

Share prices on the Philippine Stock Exchange closed in the red on Wednesday as investors pocketed gains from previous sessions.

The benchmark PSEi shed 8.42 points or 0.12% to 6,859.46 at the closing bell. The broader All Shares lost 0.91 points or 0.02% to 4,143.26.

“The PSEi ended slightly lower, mainly flat as investors took some profits from the rally that we saw at the beginning of the week,” AAA Equities head of research Chris Mangun said.

“Optimism is limited and investors are more cautious this time around which is evident in the current trend... Investors continue to take a wait-and-see attitude and monitor current economic developments,” he said.

More than 40.57 billion shares valued at P9.57 billion, changed hands. Decliners led advancers, 110 to 106, and 44 issues were unchanged.

“The PSEi may continue moving sideways until the end of the week,” Mangun said. -MDM, GMA News