PSEi loses strength as investors pocket gains

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) pulled back on Monday as investors booked profits after last week’s nearly 4-percent rally.

The PSEi shed 1.12 percent, or 74.03 points, to 6,550.76 by the closing bell while the broader All Shares index was down 0.63 percent, or 22.17 points, to 3,493.64.

A total of 554.5 million shares valued at almost P3 billion changed hands while foreign buying ended with a net figure of P214.16 million, data from the stock exchange showed.

Trading activity remained muted as the government announced personal remittances from overseas Filipinos in May rose 2.9 percent to $2.78 billion compared to the same period in 2022.

“Philippine shares had a bit of retracement during today’s session… as the past rallies in the exchange triggered some profit taking,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Monday. INQ