RP shares fall on profit-taking, lack of positive news

Share prices on the Philippine Stock Exchange fell in moderately active trading Tuesday as investors cashed in on gains in the absence of market-lifting news. “We’ve been waiting for this for a long time," said Prince Yeung, AB Capital Securities Inc. analyst. “And now investors find no reason to push the market up." The PSE index dropped 52.31 points or 1.23 percent to close at 4,166.52. More than 1.43 billion shares worth P6.08 billion changed hands. Losers led outpaced gainers 101 to 41 with 25 issues closing unchanged from Monday’s levels. “It’s not really negative sentiment," Yeung said. “It’s just that Investors have realized that there have been significant run up in their price appreciation of their stocks. "And now they find no reason for the market to move higher," he added. Yeung said the significant PSEi support level is at 4,000 “the level we didn’t expect to break this soon." — VS, GMANews.TV