PSEi continues slide amid profit-taking

The Philippine Stock Exchange index dipped 1.75 percent on Friday as investors were tempted to pocket gains on lack of market-lifting news. The PSE index shed 73.67 points to close at 4,135.75, according to PSE’s online market information as of 12:10 p.m. “The PSEi trekked lower as investors took profit ahead of the weekend," said analyst Prince Yeung of AB Capital Securities Inc. Jasper Jimenez, Banco de Oro Securities Inc. trader, said the market is “just waiting for encouraging developments here and abroad." More than 912 million shares valued at P4.464 billion changed hands. Losers led gainers 91 to 33, while 40 issues were unchanged. Other Asian shares also fell Friday after a mixed day on Wall Street and caution over a potential interest rate hike in China. Markets were anxious about the possibility of a rate hike by China’s central bank as authorities step up measures to combat rising inflation, an AP report said. In New York on Thursday, stocks closed mixed as traders waited to see whether a tax compromise brokered by the White House and Republicans will pass the US House, the report added. — Jesse Edep/OMG, GMANews.TV