Profit-taking beats PHL stocks on corporate results

Shares on the Philippine Stock Exchange took a beating in moderate trading Monday as investors cashed in on gains in first tier issues that made tremendous advances in the days following the selling on Friday. In the absence of news that could perk up the market, investors are taking their cue from the “not so positive" corporate results last week that showed the profits of listed telecom firms having been eroded by cuts in service costs and promo offerings to lure more customers, said a trader of Banco de Oro Securities Inc. The Philippine Stock Exchange index dropped by 53.49 points or 1.22 percent to close at 4,295.62. More than 1.29 billion shares valued at P4.50 billion changed hands. Losers led gainer 77 by 61, with 49 issues closing unchanged from their levels Friday. “This is simply a follow through selling over the weekend," Banco de Oro’s trader said. Investors were also lightening positions and taking a wait-and-see approach with what will happen next, he added. — VS, GMANews.TV