Philippine stocks extend losses on profit taking

(philstar.com) 

MANILA, Philippines (Xinhua) - Investors continue to book their gains today, sending the Philippine shares down by 0.52 percent.

The bellwether Philippine Stock Exchange index lost 22.90 points to 4,375.85. The broader all-share index retreated by 0.02 percent or 0.70 points to 3,063.89.

Trading volume reached 4.26 billion shares worth P4.7 billion ($109.74 million) with 68 stocks advancing, 57 declining, and 40 were unchanged.

Of the six counters, only the industrial and the mining and oil sectors bucked the trend.

"The Philippine index took a battering for a second time as investors continued their profit taking after a four-day rally that ended on Monday," brokerage DBP-Daiwa Securities, Inc. said.

Despite declining of the second time, brokerage AB Capital Securities, Inc. said the local equities' recent break to fresh highs has dramatically improved the market's outlook from a technical standpoint.

"But like all overbought assets, we do expect profit taking and a pull back. Notwithstanding, we see limited downside with immediate support at 4,320," AB Capital Securities, Inc. said.

The brokerage noted that the country's improving fiscal situation has attracted investors' attention on the Philippines, although developments overseas will continue to affect investors' sentiments.

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