Profit-taking takes wind out of PSEi sails

The local bourse retreated on Wednesday as investors rushed to pocket gains ahead of the long weekend break, with the index again failing to hurdle the 7,000 barrier.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.64 percent, or 44.14 points, to 6,900.62.

READ: Asian shares mostly fall after Wall Street snaps winning streak

The broader All Shares Index likewise declined by 0.13 percent, or 4.71 points, to close at 3,724.38. A total of 863.73 million shares worth P5.14 billion changed hands as foreigners made net purchases worth P565.27 million, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the bourse “succumbed to profit taking” after briefly touching the 7,000 level on Tuesday.

Limlingan added that the local market mirrored the declines in Wall Street overnight “as investors hesitated to extend the market’s recovery rally.” —Meg J. Adonis