PSEi succumbs to another day of profit-taking

The Philippine Stock Exchange index (PSEi) on Wednesday dropped for the third successive trading day on profit-taking. The PSEi shed 22.81 points or 0.55 percent to close at 4,124.54, according to the PSE online market information. More than 1.11 billion shares valued at P5 billion changed hands. Decliners outnumbered advancers 82 to 47, while 42 issues remained unchanged. Investors went through another round of profit-taking as “the market is on its consolidation mode. [There was] no market-lifting news also," said analyst Martin Santos of First Metro Securities Brokerage Corp. AB Capital Securities Inc. said the market’s volatility is expected to taper off in the coming sessions. “We expect interest to pick up towards the end of the year as fund managers start to window-dress their portfolios." The PSEi’s major support is at 3,900 with the major resistance at 4,350, AB Capital said. — JE/VS, GMANews.TV