News Update Holiday profit-taking weighs on PHL shares

Profit-taking dragged Philippine shares lower Tuesday as local players cashed in on gains to stay liquid ahead of the New Year holiday. The main Philippine Stock Exchange index fell 25.63 points or 0.58 percent to close at 4,361.43. “Several institutional investors are having their holidays, and the US market was closed overnight,” said Freya Natividad, head of research at F. Yap Securities Inc., citing the market-moving impetus on Tuesday. More than 2.421 billion shares valued at P11.831 billion changed hands. “The market participation is quite thin, forcing investors to cash in on gains to stay liquid during the holidays,” said Natividad. “There were some window dressing, but the market felt the profit-taking more,” she added. Losers led gainers 105 to 49 with 45 issues closing unchanged.