MANILA, Philippines—Local stock prices fell further on profit-taking on Tuesday, breaking down a key support level, 4,200.
The main-share Philippine Stock Exchange index shed 28.51 points, or 0.67 percent, to end at 4,199.48 as all counters traded in the red. The index thus ended in negative territory for the second day in a row, as expected by many analysts and as investors reassessed gains following the run-up in the last two weeks.
Philippine National Bank, the second most actively traded stock, defied the day’s downtrend, rising by 6.5 percent to finish at P67.50.
The most actively traded stocks that succumbed to profit-taking on Tuesday were AGI, Metrobank, ICTSI, PLDT, DMCI, Metro Pacific Investments, Ayala Corp., SM Investments, San Miguel Corp., EDC, Cebu Air, Banco de Oro, BPI, Megaworld, Leisure & Resorts, Univeral Robina and AEV.
Aside from PNB, Filinvest Land also defied gravity on Tuesday.
Value turnover was thin at P4.38 billion.
By sector, the industrial counter was the most battered, declining by 1 percent.
There were only 28 stocks that advanced compared with 95 that fell and 33 that stood unchanged.