Local bourse closes lower amid profit-taking

Photo from pse.com.ph

MANILA, Philippines—The local stock index closed slightly lower on Wednesday, reversing early session gains from window-dressing activities, as some investors chose to lock up profits ahead of the long weekend.

The Philippine Stock Exchange index dipped by 2.16 points or 0.04 percent to close at 5,424.51.  The index went up by 15.77 points before succumbing to profit-taking towards the end of the session.

For the shortened trading week, the index gained 19.35 points or 0.35 percent.

Turnover amounted to P6.35 billion.  Despite the overall index decline, there were 87 advancers against 75 decliners as investors shifted to smaller-cap stocks.

By counter, the financial, industrial, services and mining/oil sub-indices weighed down the PSEi while modest gains by holding firms and property counters curbed overall decline.