RP stocks fall on profit-taking, position-shifting

Shares on the Philippine Stock Exchange fell in moderately active trading Thursday as investors continued to take-profits and shift positions from first-tier issues to stocks that haven’t gained from the market’s recent run up. The PSE index dropped by 24.38 points or 0.56 percent to close at 4,260.69. Over 2.34 billion shares worth P5.59 billion changed hands. Losers led gainers 90 to 50, with 43 issues unchanged from Wednesday’s levels. The market may be in a situation where “it has to fall, not in a simple correction, but a combination of fundamental and technical correction before it can go higher again," a trader with of Eagle Equities Inc. said. “Based on the charts, the market is headed upwards, but the firstliners and secondliners are not moving any higher," the Eagle Equities trader said. The index needs to settle at 4,000 before its can take off at this point in time, he added. He said that based on what’s happening now “it’s all up to the money flow" from foreign fund managers. What is obvious in Thursday’s session was the shift from main issues to second- and third-tier property and holding company stocks, a trader with R. Coyiuto Securities Inc. said. — VS, GMANews.TV