PSEi dips on profit taking as correction deepens

The Philippine Stock Exchange index on Thursday dipped further as the market continued to move in its correction phase after the recent rally toward record highs. The PSEi shed 11.10 points or 0.27 percent to close at 4,100.07, according to the PSE online market information at 12:10 p.m. Over 2.048 billion shares valued at P4.759 billion changed hands. Losers overwhelmed winners 116 to 34, while 38 stocks were unchanged. Local stocks continued to pull back as investors continued to cash in on gains, said trader Justino Calaycay of Accord Capital Equities Corp., pointing out that the market is taking a “much-needed breather." It seemed that fund managers wanted to realize some gains throughout the session “before pushing share prices up at the last minute," said analyst Martin Santos of First Metro Securities Brokerage Corp. Calaycay pointed out that the share prices are now on their attractive level as the market went through a healthy technical correction during the day’s stocks trading. “This is the correction we have been anticipating [for]," Calaycay said. A correction creates buying opportunities for investors who were left behind in the recent bull runt when prices suddenly surged, he added. In a report Wednesday, AB Capital Securities Inc. noted that the market is still enjoying an improved macroeconomic environment, the influx of foreign investments, and the growing foreign currencies reserve. “These are the factors that kept a bright outlook for the Philippines." —VS, GMANews,TV