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


Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • A weekend of premium cars
    A weekend of premium cars

    Good news to all luxury car fanatics as PGA Cars, the exclusive importer and distributor of Audi, Porsche, Lamborghini and Bentley cars in the country, will be holding the PGA Cars Premium Festival from May 29 to May 31 at the PGA Center in Global City in Taguig. The 3-day event will showcase PGA’s latest […] The post A weekend of premium cars appeared first on Carmudi Philippines. …

  • APEC ministers to endorse Boracay Action Agenda
    APEC ministers to endorse Boracay Action Agenda

    Trade ministers at the Asia-Pacific Economic Cooperation (APEC) meeting in Boracay, Aklan agreed yesterday to endorse the proposed Boracay Action Agenda to the member countries’ leaders, presenting opportunities for global trade for micro, small and medium enterprises (MSMEs). In a press conference following the conclusion of the APEC Ministers Responsible for Trade Meeting, Trade Secretary Gregory Domingo, who also served as chairman, said ministers agreed to recommend the adoption of the …

  • Talks with China over sea row urged
    Talks with China over sea row urged

    The Philippines should engage China in bilateral talks in its efforts to maintain peace and order at the disputed West Philippine Sea, Sen. Francis Escudero said yesterday. Escudero supports the government’s move to bring the issue before international arbitration but also stressed the need for the Philippines to pursue talks with China. Escudero made the statement after UN Secretary General Ban Ki-moon on Friday called for a peaceful solution to territorial disputes in the South China Sea. …

  • House panel tackles bill on regular disaster drills
    House panel tackles bill on regular disaster drills

    The House committee on national defense is deliberating on a measure mandating the regular conduct of disaster risk reduction drills in educational institutions nationwide. Authored by Camarines Sur Rep. Rolando Andaya Jr., the bill mandates that risk reduction drills be held annually in all educational institutions throughout the country in coordination with the schools’ respective local government units. “The Philippines’ location along the Pacific Ring of Fire and close to the equator …

  • PCSO running out of funds
    PCSO running out of funds

    Philippine Charity Sweepstakes Office (PCSO) chairman Ireneo Maliksi has admitted that the revenue-generating agency is running out of funds as it continues with its mandate to provide financial assistance to indigent Filipinos. Aside from providing financial help to individual recipients, Maliksi cited at least 13 laws that mandates the PCSO to provide mandatory contribution to different government agencies. Just last week, PCSO released P100 million to the Commission on Higher Education as …

  • Cops receive mid-year bonus
    Cops receive mid-year bonus

    Active duty uniformed and non-uniformed personnel of the Philippine National Police (PNP)have received their mid-year bonuses. However, the bonus of personnel with pending administrative and criminal cases has been deferred as per administrative policy, according to PNP spokesman Senior Superintendent Bartolome Tobias. The PNP has released P1.9 billion for the mid-year bonus of the 155,000 active duty uniformed and non-uniformed personnel. …

  • Catholics organize to promote pope's climate change message

    NEW YORK (AP) — There will be prayer vigils and pilgrimages, policy briefings and seminars, and sermons in parishes from the U.S. to the Philippines. …

  • Forgotten for decades, fallen NY soldier finally honored
    Forgotten for decades, fallen NY soldier finally honored

    ALBANY, N.Y. (AP) — Carroll Heath didn't have it easy growing up in the Great Depression. His father wasn't around, his mother was a patient in a mental hospital and he kept largely to himself. Soon after graduating high school, he enlisted in the Army and wound up in the Philippines, where he's believed to have died sometime in 1942. …


Should Aquino be held accountable over the Mamasapano operations?

Poll Choice Options