RP share prices drop a bit on profit taking

Share prices on the Philippine Stock Exchange dropped slightly on Monday as investors locked in gains ahead of corporate earnings reports. The PSEi shed 1.26 points or 0.03 percent to close at 4,215.11, according to PSE’s online market information as of 12:10 p.m. More than 1.32 billion shares valued at P4.351 billion changed hands. Decliners led advancers 90 to 48, and 43 stocks remained unchanged. “Investors [were] profit-taking. There was no market-lifting news. We’re in a consolidation mode," said Astro del Castillo, managing director of First Grade Finance Inc. “But the market would be different in the coming days," he said, pointing out that investors would be turning their attention to the flood of corporate earnings reports starting this week. Earnings are going to set the tone of the market in succeeding days, he added. Del Castillo said the market is still in an overbought position. “The market should rest," he stressed. In a weekly report, AB Capital Securities Inc. said investors were taking profits after successive gains of the index. “Although there were several corporate developments which could have encouraged more buying activity, the behavior in the market was based more on a technical standpoint," AB Capital noted. — Jesse Edep/VS, GMANews.TV