PSEi weak on profit-taking, absence of new leads

Philippine shares opened on a weak note Monday as investors continued to cash in on gains from last Thursday's steep climb, and the absence of fresh leads to drive the market kept others from taking fresh and long positions.

The main PSEi was down 28.88 points or 0.45 percent to 6,395.57 as of 10:37 a.m.
"The index was down by nearly 27 points minutes after the opening bell on continued profit-taking and lack of market leads," Elizabeth Abadillo, analyst at Angping & Associates Securities Inc., told GMA News Online.
In a separate text message, Unicapital Securities Inc. analyst Lexter Azurin echoed the same sentiment, saying "the market's drop in the early session is due to profit-taking, as well as lack of leads so far today."
Last Thursday, the index advanced by 117.74 points or
2.81 percent to 6,511.70 at the close after the US Federal Reserve announced it would continue to buying bonds at $85 billion a month – that prompted local foreign funds on a buying spree.
In his daily report, Accord Capital Equities Corp. analyst Justino B. Calaycay said markets begin the week with a relatively “clean” slate after concerns on Syria and Fed... eased off.
“Attention will probably shift to market leaders ahead of an expected quarter-end window dressing," he noted.

Azurin also said the local stock market tracked the declines of Wall Street last Friday despite the rise in most Asian shares Monday.
Reuters reported US stocks dipped on Friday as investors grappled with comments by St. Louis Federal Reserve Bank President James Bullard that a reduction of the Fed's $85 billion monthly bond purchase program beginning in October was possible. – VS, GMA News

Source: Yahoo! News PH