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Friday, April 11, 2014

PSEi down 0.77% at noon break

Philippine share prices remained weak by the noon recess Friday, reflecting the negative performance of Wall Street while some investors took profits ahead of the Holy Week.

The bellwether PSEi fell by 50.98 points or 0.77 percent to 6,587.91 at the noon close. The broader all shares index dipped 15.12 points or 0.38 percent to 3,977.53.

"We're still down as of noon due to the US market's drop overnight," Eagle Equities Inc. president Joseph Roxas said by phone.

US stocks sank on Thursday, with the S&P 500 turning negative for the year and the Nasdaq falling its most in a day since June 2012 as investors again sold high-flying names in the technology and biotech sectors and sought shelter in defensive names, Reuters reported.

Roxas said some investors are not keen on taking positions ahead of the Holy Week.

"Some are liquidating their positions and are already taking an early vacation ahead of the Holy Week," he said. –  GMA News

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