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Profit-taking drags PHL shares lower in early trading

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Profit-taking ruled over the market reflecting the weakness in overseas markets and dragging Philippine stock prices lower at early trading Tuesday.

However, Asian shares recouped early losses on Tuesday while commodities won a break from recent selling pressure after a reading on Chinas massive factory sector outpaced the markets bleak expectations, the wire service said in its updated report.

The main PSEi was down 45.66 points or 0.63 percent to 7,234.20 as of 10:08 a.m. The All Shares index decreased by 23.52 points or 0.55 percent to 4,289.33.

The Philippine stock market is following leads from overseas markets, AB Capital Securities Inc. analyst Joyce Ramos told GMA News Online.

"Locally, theres no domestic news or major catalysts so people continue to take profits," she said.

Overnight, US stocks closed lower, with the S&P 500 suffering its biggest one-day decline since early August, as the latest housing data came in much weaker than expected, raising new concerns about the rate of growth in the economy, Reuters reported.
 
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