PSEi sheds more than 109 points


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MANILA, Philippines—Local stock prices retreated for the seventh straight session on Tuesday, dragging the main index below 6,500, as investors reassessed the market’s recent gains.

The main-share Philippine Stock Exchange index slumped by 109.93 points or 1.68 percent to close at 6,426.25.  This was even after most markets in the region rebounded after the previous day’s scare over a depositor levy proposed as part of a Cyprus bail-out.

All counters ended in the red.  There were nearly twice as many decliners (104) as there were gainers (59).

Turnover amounted to P10.94 billion.

Dealers said this correction was needed to build a stronger base to sustain the market’s uptrend especially as local equities have become very expensive relative to historical and regional valuations.

The main index has now given up 440.85 points or 6.4 percent since hitting the peak of 6,867.10 on March 11.

Investors sold down shares of BDO, SM Investments, ALI, Metrobank, PLDT, AGI, Ayala Corp., Megaworld, URC, Bloomberry, BPI, SM Prime, Meralco, MPI, Petron, JG Summit, EDC and ICTSI.

Among those that bucked the day’s downturn were Meralco and EDC as well as second-liner Puregold.

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  • Diablo_III

    Now is the best time to invest.

  • japokjackpot

    not a correction but a premature overheating. investors started to take profits since record run last 2012. the latest pronouncements (1) BSP cutting SDA rate (2) government to borrow domestic funds because too much liquidity is also bad. year-end pse index projections will end higher at 7,000 but too much speculative trading in the first half of the year then another uptrend starting july 2013. august will not be a ghost month anymore because that will be the start of ppp’s… keeping fingers-crossed that private businessmen will start creating jobs starting july after the much coveted investment grade will come into place

  • padrefaura

    asan na yung pinagyayabang ni Pnoy na investor confidence? nagtatakbuhan na ang mga investors ngayon. nagkaroon lang ng Hype and Dump.

    • OFW28

      angtangamo TIGLAO! talagang ganyan ang stock market taas-baba
      ikaw baka makuryente ka, hehehe!! ganyan mga CRABLETS!!

      • padrefaura

        patawa ka talaga. kung pataas ang stocks, sasabihin investor confidence. kung pababa naman, sasabihin natural lang yan. kung pabor, credit grabbing. kung hindi, balewala o maninisi ng ibang tao.

      • Paul Vincent Cabunilas

        Stocks investment is a cycle… gamble,, the reason that PSE is declining today is because foreign investor are now cashing in their gains.. most of the foreign investment in the PSE are hedge funds/Equity funds,, that has a time quota to cash-in their earnings..

      • padrefaura

        cashing out = selling of shares = pulling out.

  • BS

    “Galing ni PNoy 2 years pa lng nakaupo pero naiangat nya agad ang ating ekonomiya samantalang si Gloria isang dekadang nakaupo hindi napataas ng ganito index ng stock exchange”-Kulay-Pigsa Brigade after protesting the monicker Noynoying tag to PNoy.

  • BS

    “Dati rati tayo ang lumalapit sa mga investor pero ngayon sila ang pumipila para mag invest sa ating bansa” PNoy justifying his junket trip to Davos, Switzerland.

  • koolkid_inthehouse

    Is that a correction or investors running away or taking a profit?

    • Winzum Daoas

      both. Mostly us investors that are leaving due to the improving situation back in their home. They prefer to stay close to home.

    • M0WF0W

      lugi ka ba? dont worry sabi nga ni Jimmy Santos: “Babawi yan!!” HeHeHe

    • muddygoose

      Isn’t taking profit part of the correction cycle? Hmmm.

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