THE local stock barometer returned to the doldrums on Tuesday as investors pocketed gains whenever the index neared the 8,000 mark.
The main-share Philippine Stock Exchange index shed 25.89 points or 0.33 percent to close at 7,917.86 as foreign investors trimmed holdings in some large-cap stocks. Elsewhere in the region, trading sentiment was mixed.
The index hit an intra-day high of 7,950.57.
“Gains in the US tech sector were apparently limited as they did not extend to the Philippine markets this trading session.
Local stocks saw some profit taking after a sharp-run up the previous day. Investors were also waiting for the latest announcement on China’s fourth attempt at breaking into the MSCI’s benchmark share indices,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
At the local market, the day’s decline was led by the financial, industrial, holding firm, services and property counters. Only the mining/oil counter ended higher.