Profit-taking ensues after index touches 7K

A trader in the Philippine Stock Exchange looks at the electronic board in Manila’s financial district on July 6, 2015. Manila dropped by 1.06 percent or 80.15 points to 7,455.15 as Asian equities fell July 6 after Greece overwhelming rejected further austerity measures, pushing it closer to a eurozone exit, while Shanghai underwent another day of volatility as China introduced a raft of measures to shore up the slumping market. AFP PHOTO / Jay DIRECTO (Photo by JAY DIRECTO / AFP)

Last-minute profit-taking took over to pull down the Philippine Stock Exchange index by 28.18 points to 7,041.50, 0.40 percent lower than Monday’s close.

However, despite the decline, the market still maintained its ground above 7,000 levels.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said the “lack of catalyst as investors await the Philippines’ economic growth for the full year that will be released this week” also affected market sentiments.

“Investors also took profits at the last minute, dragging the bourse to the red territory. So far, we’re still seeing the 7,000 to 7,100 as the resistance range for the market while the support is pegged at 6,800,” she said.

Hints awaited
Meanwhile, Luis Limlingan of Regina Capital noted that local investors also continuously monitor “any hints that could foreshadow the Philippine GDP report on Thursday.”

The net market value turnover on Tuesday clocked in at P5 billion, which was weaker than the P7.16 billion average last week.

Except for Industrials, which gained 0.57 percent, all sectors were in the red led by Holdings, declining 0.70 percent.

Among index members, Metro Pacific Investments Corporation had the biggest gain of 6.88 percent while JG Summit Holdings Inc. was at the bottom after it lost 3.83 percent.

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