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Tuesday, September 9, 2014

PH stock market pulls back from 15-month record

Philippine share prices pulled back on Tuesday, as investors took a breather from a rally that sent the benchmark index to a 15-month high.

At the Philippine Stock Exchange, the benchmark index shed 61.27 points, or 0.84 percent, to close at 7,253.67. The property counter led all indices in the red with a decline of 2.31 percent.

There were two advancers for every decliner, as 47 issues changed hands. Value turnover slid to P8.63 billion from yesterday's P10.13 billion, as 1.56 billion shares changed hands.

The most actively traded stocks were PLDT, Puregold, Ayala Land, Alliance Global and Metrobank. The top gainers were Medco, Island Information and Greenergy, while the biggest losers were Synergy Grid, Atok-Bug Wedge and Acesite.

"Finally finding a more compelling reason to be more aggressive on the sell side, investors made an early rush for the exits to protect their profits following a snap of a five-week, record-setting run in US stocks overnight," said Jun Calaycay of Accord Capital Equities Corp.

Calaycay said investors may have used the weakness on Wall Street as an excuse to take profits, as the PSEi reached overbought territories.

The Philippine benchmark index had chalked up gains in six out of the last seven sessions, interrupted only by a 2-point loss. The rally brought the PSEi to 7,314.94 yesterday, its highest finish since May 22, 2013 when it ended at 7,385.07.

US stocks eased last night as investors locked in gains following a run up that pushed the Standard & Poor's 500 Index to a record. The S&P 500 shed 0.3 percent to 2,001.54, while the Dow Jones Industrial Average slid 25.94 points, or 0.2 percent, to 17,111.42.

Investors are betting that below-forecast US jobs data will allow the Federal Reserve to delay raising interest rates. Policymakers next meet on September 16-17.

The Bangko Sentral ng Pilipinas is also holding its policy-setting meeting on Thursday, with bets on local monetary authorities keeping its hawkish stance after inflation in August stubbornly clung near a three-year high.

- Interaksyon

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