PHILIPPINE SHARES slid on Tuesday to end a four-day winning streak as investors locked in gains from the market rally, with fresh inflation risks due to the peso’s weakness and fuel price hikes amid tensions in the Gulf dampening sentiment.
The Philippine Stock Exchange index (PSEi) fell by 1.27% or 81.92 points to close at 6,333.80, while the broader all shares index went down by 0.32% or 11.11 points to end at 3,439.58.
The PSEi opened Tuesday’s session at 6,461.34, higher than Monday’s close of 6,415.72, which was an over four-month high. It climbed to a peak of 6,488.35 intraday but selling prevailed, leading the index to finish at its low for the session.
“The local bourse ended lower as investors took profits after a four-day winning streak, with the benchmark index still looking for catalysts to stabilize above the 6,400 level. The pullback was viewed as a healthy correction as the market neared overbought territory,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
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