The Philippine share prices on Tuesday closed in the red as investors opted to cash in on gains from the previous session ahead of the holiday break in the absence of fresh market-moving catalysts.
According to analysts, the bellwether PSEi shed 51.44 points or 0.65 percent to 7,886.91 at the closing bell. The broader All Shares lost 14.13 points or 0.30 percent to 4,783.08.
“The main index ends the day down 0.65 percent on lower trading volumes as investors may have already walked away from the market ahead of the holiday tomorrow,” AAA Equities head of research Chris Mangun said.
“The market took a breather today and ended lower after the gains that we saw in yesterday’s trading,” he added.
Financial markets are closed on Wednesday, 21 August, for the Ninoy Aquino Day.
Meantime, Philstocks Financial equity analyst Japhet Tantiangco said that investors took profits out of Tuesday’s rally amid lack of fresh leads.
Foreign funds bought P2.514 billion shares and sold P2.866 billion for a net selling position of P351.717 billion, while more than 643.939 million shares valued at P5.424 billion, changed hands. Decliners led advancers, 117 to 77, and 59 issues were unchanged.
“Overall, the local market is still clouded with uncertainty which is why investors are not staying too long. Most book gains as quickly as possible,” Tantiangco said.