By Denise A. Valdez, Senior Reporter
LOCAL SHARES started to lose momentum on Monday as investors began to pocket gains from the recent rally, resulting in flattish trading.
The Philippine Stock Exchange index (PSEi) inched up 7.13 points or 0.11% to close Monday’s session at 6,491.19. The wider all shares index fell 0.59 point or 0.01% to 3,859.36.
“We saw some profit taking in early trading; however, investors were quick to pick up issues that pulled back,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.
The PSEi opened at 6,496.19 and reached a low of 6,453.20 intraday. It started picking up during the last minutes of trading, peaking at 6,517.26 but eventually falling to close at 6,491.19.
“Philippine shares initially continued to struggle for direction. bouncing around the break-even line, as several uncertainties loomed large,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan … Read the rest