Index retreats after three-day advance

(Business World) 

THE LOCAL bourse paused from a three-day rally, ending yesterday’s trading session with a correction.
The benchmark Philippine Stock Exchange index (PSEi) lost 0.44% or 14.25 points to close at 3,256.12. The broader all shares index dipped, dropping 0.27% or 5.56 points to 2,019.58.

Decliners led advancers 54 to 37, while 79 issues were unchanged.
Total volume traded reached 973.11 million shares valued at P5.12 billion.

There were more foreign buyers than sellers, with net foreign buying amounting to P42.89 million.

Equity market analysts said the PSEi’s retreat was a healthy correction given its gains in the past three days.

“The fall was a healthy correction,” Elizabeth S. Abadillo of Angping & Associates, Inc., told BusinessWorld in a phone interview yesterday.

She noted that PSEi’s gain last Wednesday was not high because of some profit taking.

“Profit taking continued yesterday, which resulted in the index’s fall,” she added.

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