Profit-taking hounds Philippine shares

Share prices on the Philippine Stock Exchange (PSE) were mostly down on profit-taking Tuesday as investors started worrying about the possibility of higher inflation and interest rates this year. Still, the PSE index (PSEi) managed to climb a few points from Monday’s close, largely on gains in the Holding Firms index — the only sector that advanced during the session. The PSEi advanced 3.52 points or 0.083 percent to 4,218.73, according to the PSE online market information as of 12:10 p.m. More than 2.962 billion shares valued at P4.876 billion were traded. Losers led winners 79 to 67 with 31 issues unchanged. The market “opened strong, but profit-taking started after 30 minutes," said Jose Vistan, analyst and research chief at AB Capital Securities Inc. Some worries about inflation and interest rates crept in, and “I guess investors decided to [cash in on] gains from last year," Vistan said. The PSEi has immediate support at 4,130, with resistance at 4,250, according to AB Capital. — VS, GMANews.TV