PHL shares end four-day rally on profit taking

PHILIPPINE STOCKS snapped a four-day rally on Monday on last-minute profit taking and as investors awaited fresh leads, including the release of key economic data this week.

- Revin Mikhael D. Ochave

The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.67% or 43.33 points to close at 6,364.94, while the broader all shares index retreated by 0.27% or 10.39 points to 3,781.67.

“The local market ended in negative territory as investors booked profits on the final minutes of the trading day. This comes after the bourse posted four consecutive days of gains,” Philstocks Financial Inc. Research Manager Japhet Louis 0. Tantiangco said in a Viber message. “Investors also took a cautious stance while waiting for fresh leads.”