RP stocks close slightly lower as investors cash in

The Philippine Stock Exchange index closed slightly lower on Friday as investors pocketed gains from rallies of the previous days. “Local stocks pulled back a little bit as investors cashed in on gains from previous trading sessions," said analyst Martin Santos of First Metro Securities Brokerage Inc. The PSEi shed 8.07 points or 0.19 percent to close at 4,236.98. Value turnover totaled P5.744 billion, with more than 1.988 billion shares changing hands. There were 56 advancers, 77 decliners, and 42 unchanged stocks. Santos said the profit-taking was “somewhat expected" after the bellwether reached record-level highs this week. PSEi’s all-time high of 4,245.05 was recorded on Oct. 7. Analyst Maria Arlysa Narciso of AB Capital Securities Inc. pointed out that even though a number of stocks are already overvalued, “investors still pick a few which are expected to achieve higher growth this year." “As for the index, it remains hovering at the overbought level and it would likely stay within that range," she pointed out. She said investors could still keep pouring in the market on a buying spree due to the market’s liquidity. - JE/OMG, GMANews.TV