Market succumbs to profit-taking
MANILA, Philippines—Share prices on Tuesday retreated from a five-month high as investors took their cue from Wall Street, where profit-taking took place overnight.
Still, the main index stayed afloat, just a little over the 4,300-level support.
The main-share Philippine Stock Exchange index lost 25.8 points, or about 0.6 percent, to close at 4,305.57.
The mining sector, which led the index last week, was hit the hardest by profit-taking as its counter fell by 3.8 percent.
Investors on Tuesday decided to pocket gains after the sector’s strong showing in the last few days when global gold prices surged to a record $1,509.10 per ounce in New York.
Value turnover amounted to P5.2 billion. There were 52 advancers against 84 decliners, while 46 stocks were unchanged.
