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MANILA - Philippine share prices on Thursday succumbed to profit-taking as the local market took a breather following a four-day winning streak.
At the Philippine Stock Exchange, the composite index slipped 1.77 points or 0.03 percent to close at 5,256.15.
Leading the market's decline was the mining and oil counter, which fell 1.27 percent.
Decliners beat advancers, 98 to 68, while 43 issues were unchanged. A total of 4.03 billion worth P8.96 billion changed hands.
"After breaking the 5,200 level, we were expecting the market to soften up a bit after the four-day rally," said Astro del Castillo, managing director at First Grade Finance Inc.
"The market had a healthy technical breather mixed with continuous window dressing," said Freya Natividad, investment analyst at 2TradeAsia.com.
The analysts said there was no negative news, with the PSEi even posting gains early in the trade, borrowing enthusiasm from the overnight gains in the Dow Jones industrial average.
The Dow climbed for a second straight day to 12,627.01 after pending home sales in May beat expectations to match the highest level of the year, while durable goods orders registered their first gain in three months.
"We will still look at other markets for cues, but somehow given the previous day's run up, we still have room to further consolidate," said del Castillo.
Actively traded stocks were Metrobank, Alliance Global, PLDT, Megaworld and SM Investments.
Top gainers were Roxas & Co., Asian Terminals and Primex, while the biggest losers were Jolliville, Highlands Prime and Manchester International.
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