Stock market investors extend booking of profits
Feb 12, 2013 (Menafn - The Manila Times - McClatchy-Tribune Information Services via COMTEX) --The local stock market welcomed the week with a slight decline as investors extended their profit taking.
In a telephone interview, Harry Liu, president of Summit Securities Inc., said that profit taking dictated the market's fate throughout the afternoon session of Monday's trading.
"[The] market today is slightly down basically because of profit taking and investors are a little bit pressured. There are more sellers today and in most of the regions [so] the trading is flat," he said.
"The market is just a little bit soft and investors are a bit cautious, because they are looking at the concern of a correction within the market since last week," Liu added.
He said that the next few days will see the market undergo consolidation.
The Philippine Stock Exchange index started the week with a slight decrease, falling 0.01 percent, or 0.66 points to 6,458.01, while the broader all-shares index, went up a bit by 0.10 percent, or 4.07 points to 4,068.48.
Most of the sub-indices ended in the green, but two registered declines. The services counter went down by 0.39 percent, or 7.43 points to 1,914.10 and the property counter fell 0.33 percent, or 8.61 points to 2,599.72.
Mining and oil, however, managed to post an improvement, rising 0.54 percent, or 120.91 points to 22,675.54, while industrial, advanced 0.34 percent, or 33.10 points to 9,777.92.
Financials also rose 0.21 percent, or 3.60 points to 1,683.88, while holding firms ended quite flat with a 0.13-percent gain or 7.28 points to 5,697.11. Advancers slightly edged decliners, 83 to 81, while 48 shares were unchanged.
On Friday, the benchmark fell 0.02 percent, or 1.32 points to 6,458.67, while the widerall-shares index went up by 0.04 percent, or 1.71 points to 4,064.41.
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