Profit-taking pares gains, PSEi marginally higher at noon break

Share prices on the Philippine Stock Exchange were marginally higher at the noon recess Thursday as investors resumed to take profits after the market opened on a strong note.

 

The main PSEi was up 6.43 points or 0.09 percent to 6,754.94 at the break. The broader All Shares index was up 7.81 points or 0.19 percent to 4,073.04.

 

AB Capital Securities Inc. research head Jose Vistan told GMA New Online momentum on the sell side picked up towards the end of morning trade.

 

"Coming from weakness in the past two days, investors took the opportunity to lighten up positions further," he said.

 

Earlier in the session, trading was fueled by US Federal Reserve chief Janet Yellen's dovish policy statement that an accommodative stance would have to continue as the US economy still needed some help, Vistan said. "This fueled global markets, including us."

 

Overnight, the Dow Jones Industrial average and the Standard & Poor's 500 Index registered gains, Reuters reported.

- GMA News