Profit-taking stops PSEI’s four-day winning streak

Share prices on the Philippine Stock Exchange (PSE) opened the week on a negative note Monday, as investors chose to pocket gains after four consecutive trading days of gains.

The benchmark PSEi lost 29.74 points or 0.40 percent to 7,369.44 at the closing bell. The broader All Shares shed 12.29 points or 0.28 percent to 4,462.60.

“We followed regional markets that were down today as most investors thought it wise to go for profit-taking after the market’s advance in the last four days,” Aniceto Pangan, equities trader at Diversified Securities Inc., said.

The PSEi registered successive gains in the four days to Friday and closed at 7,399.18.

Pangan, however, said the market could see a rally ahead of corporate earnings results to be released starting in the last week of July.

“Definitely as we near the earnings season. There’s a lot of optimism that the market will move upward, considering manufacturing output is up by double-digits as well as the robust infrastructure spending,” he said.

“The anticipation is that we will have good—definitely above average—earnings when they start to come out.”

More than 918.843 million shares, valued at P4.277 billion, changed hands. Decliners led advancers, 90 to 82, and 55 issues were unchanged. —VDS, GMA News