Philippine shares give in to profit-taking

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Philippine share prices closed in the red on Tuesday, as investors cashed in on gains after a three-day uptrend.

The main PSEi lost 5.76 points or 0.07 percent to close at 7,986.52. The broader All Shares shed 18.72 points or 0.39 percent to 4,734.64.

“The market as a whole is still consolidating. There’s still profit-taking. There’s no substantial news to perk up the market to break the 8,000 level,” Harry G. Liu, President at Summit Securities Inc., said.

Newly-listed Chelsea Logistics Holdings Corp. (CLC) closed at P10.56 per share, down P0.12 or 1.12 percent from an IPO of P10.68 per share.

CLC shares opened at P11.04 per share, up 3.37 percent from its IPO price, and reached an intraday high of P11.22 apiece.

“It’s just a disappointment for today for those who traded during the opening. It opened well and then profit-taking came in,” Liu said.

“People were expecting that it should close higher than how it ended, but this is only one day so we cannot really judge,” he added.

Foreign funds bought P3.796 billion of shares during the session and sold P3.337 billion for a net buying position of P459.163 million.

More than 1.108 billion shares, valued at P8.573 billion, changed hands. Losers led winners, 138 to 60, and 51 issues traded unchanged. — VDS, GMA News

from Philippine shares give in to profit-taking


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