PSEi dips 0.15% amid profit-taking

The Philippine Stock Exchange index (PSEi) experienced a slight decline of 0.15% on Wednesday, closing at 7,024.26, as investors engaged in profit-taking after a previous day's rally.

The PSEi opened weaker at 6,968.93 and spent the early hours of trading in red territory, hitting a low of 6,944.11 before picking up in the last hour.

Analysts attributed the decline to the "too far, too fast" rally in several large-cap issues, with some index heavyweights like SM Investments Corp. and JG Summit Holdings, Inc. experiencing selling pressure.

Despite the dip, the PSEi managed to stay above the crucial 7,000 level, which analysts believe could establish strong support.

The broader All Shares index, however, saw an increase of 0.15%, indicating mixed market sentiment.

Foreign investors maintained a net buying position, signaling continued interest in the market.

Trading volume remained high, reflecting significant investor activity.