Profit-taking drags PHL stocks lower

Share prices fell in light to moderate trading Wednesday, weighed down by profit-taking as market players disregarded the climb of stocks overnight on Wall Street. "We hardly felt what happened to the US market," said trader Emmanuel Soller of Equitiworld Securities Inc., noting the minuscule gains posted by the Dow Jones Industrial average Tuesday. "US stocks rose on Tuesday, boosted by swift steps toward formation of a new Italian government and stronger-than-expected reports on the US economy," according to a Reuters report, which added that "the Dow Jones industrial average gained 17.18 points, or 0.14 percent, to 12,096.16." The Philippine market is experiencing some sort of profit-taking, according to the Equitiworld trader. "You can’t say it’s a reversal of the [uptrend], but some are cashing in on gains," noted Soller. The Philippine Stock Exchange index dropped 22.11 points or 0.5 percent to close at 4,341.62. More than 2.744 billion shares valued at P7.027 billion changed hands. Losers led gainers 94 to 57, with 47 issues unchanged "But in general people are hesitant to trade because of worries about the movements of overseas markets," said Soller. "If you’re talking about domestic fundamentals, our companies have been doing well, but anything is possible with overseas markets and — whether we like it or not — we will follow whichever way," he added. — TJD, GMA News