PSEi falters as investors pocket gains

MANILA  -The Philippine Stock Exchange index (PSEi) modestly pulled back on Wednesday as profit-taking foiled efforts to push the benchmark measure past 6,300.

The PSEi slipped 0.7 percent, or 44.43 points, to 6,265.14 while the broader All Shares Index was down 0.57 percent, or 19.02 points, to 3,339.68.

“Philippine shares succumbed to profit-taking as investor locked in gains before the end of November. Meanwhile, overseas markets rose modestly as investors held out hope that the Federal Reserve is done raising benchmark interest rates,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Wednesday.

Data from the stock exchange showed 449.96 million shares valued at P5.75 billion changed hands while net foreign buying amounted to P202.33 million.

The property sector, the best performer in the previous session, was the top loser as it sank 3.1 percent. Industrial counter was down 0.5 percent, followed by financial and holding firm counters, down 0.23 percent and 0.02 percent, respectively.

Mining and oil rose 0.62 percent while services climbed 0.27 percent.

International Container Terminal Services Inc., the most actively traded stock, rose 1.27 percent to P222.80 per share. —Miguel R. Camus