PSEi dips on profit-taking

Philippine share prices moved against regional trend to close mostly lower on Monday as investors cashed in on gains following last week's run-up.

The benchmark PSEi shed 13.37 points or 0.22 percent to 6,061.8 at the close of trading. The broader all shares index inched up by 9.65 points or 0.26 percent to 3,712.03.

"It closed lower today because of profit-taking,” said Gregg Adrian Ilag, AB Capital Securities Inc. analyst. “The market rallied by 400 points from last week's low, so that's normal," he added.

Philippine shares went against the regional uptrend that was propelled by China data showing factory activity expanding for the first time in four months in August

On Monday, Hong Kong's Hang Seng Index rose over 2 percent, while Japan's Nikkei average rose 1.4 percent, according to Reuters.

Ilag said investors on the local front were cautious ahead of the US Federal Open Market Committee

meeting on economic projections this September 17 to 18, which will be followed by press conference by Fed Chairman Ben Bernanke.

How and when the Fed would wind down its monthly bond-buying stimulus, have elicited negative responses from market markets worldwide, and is closely watched by investors.

As such, "the benchmark index is likely to trade sideways with a slight downside bias," Ilag said.

Some 20.387 billion shares worth P6.312 billion changed hands. Losers edged gainers, 77 to 66, while 44 issues were unchanged.

Sub-indices ended with mixed results as industrial rose by 0.63 percent and holding firms by 1.29 percent. Property plummeted by 1.59 percent, services fell by 1.28 percent, mining and oil retreated by 1 percent, and financials dipped by 0.29 percent.

Ilag sees the market's support at 5,900-level on the PSEi

and resistance at 6,200. — VS, GMA News

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