PH stock index tests 6,900 before succumbing to profit-taking
By Doris C. Dumlao
The local stocks index soared to new heights, breaching 6,900 on Monday but gave up hefty intra-day gains at close as profit-taking dominated the afternoon session.
The local stocks index soared to new heights, breaching 6,900 on Monday but gave up hefty intra-day gains at close as profit-taking dominated the afternoon session.
The peso fell on Wednesday in what market players attributed partly to profit-taking by investors and efforts by the central bank to curb the local currency’s appreciation.
The peso fell on the first trading day of the week as investors sold some of their portfolio assets to generate gains from the local currency’s rise last week.
Local stocks succumbed to further profit-taking on Tuesday, bringing the index below the 5,400 mark.
Oil was down in Asian trade Thursday with traders reaping profits after prices jumped more than one percent overnight, analysts said.
Oil prices slid in Asian trade Wednesday as traders took profit from recent gains, with weak US energy demand dampening the market’s mood despite concerns over tension in Iran and Nigeria, analysts said.
