Profit-Taking Snaps Short PSEi Rally

The local stock market snapped its two-day climb as investors succumbed to profit-taking.

- By Richmond Mercurio

The bellwether Philippine Stock Exchange index (PSEi) declined by 0.53 percent or 33.24 points, settling at 6,291.85 yesterday.

The broader All Shares index was also in negative territory, slipping by 0.57 percent or 21.61 points to close at 3,743.03.

Philstocks Financial research manager Japhet Tantiangco said that the local market declined as investors took profits following two days of rallying.