PHILIPPINE STOCKS slipped on Wednesday due to last-minute profit taking after the main index breached the 7,000 level intraday and following two consecutive days of gains.
The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.22% or 15.40 points to end at 6,958.01 on Wednesday, while the broader all shares index fell by 0.04% or 1.73 points to close at 3,759.55.
The PSEi opened the session at 6,985.56, higher than Tuesday’s close of 6,973.41. It climbed to an intraday high of 7,016.04 but was unable to hold on to its gains, closing at its lowest level for the day.
“Late-day profit taking brought the local market down. Investors booked gains after the market climbed for two straight days. Chart-wise, the market retested but still failed to take its 7,000 resistance level,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
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