PSEi down on shortened week

Philippine shares pulled further back on Monday as investors prepared for a shortened trading week and the quarter-end close.

At the end of trading, the benchmark Philippine Stock Exchange Index (PSEi) declined by 0.42 percent, or 28.87 points, to 6,853.10. The broader All Shares Index also slightly contracted by 0.27 percent, or 9.69 points, to 3,578.21.

A total of 553.23 million shares valued at P5.48 billion changed hands, stock exchange data showed.

Of the subsectors, only holding companies rose, with help from index heavyweight DMCI Holdings Corp.

Investors have been locking in their profits after shares gained last week as the US Federal Reserve promised to implement three policy rate cuts this year.

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In the latest The Market Call report, First Metro Investment Corp. and University of Asia and the Pacific said the index would need “further support” from robust first quarter earnings to breach the 7,000 mark and sustain this level. In the meantime, they noted that March inflation data could determine the trajectory of equities before the income reports come out in May. INQ