By Arra B. Francia, Reporter

SHARES charged to another all-time intraday high before pulling back to post a modest gain at the end of Tuesday’s trading session as investors resumed profit taking.

The 30-member bellwether index added 0.08% or 7.41 points to finish at 8,865.13 yesterday, paring down early morning gains that saw the Philippine Stock Exchange index (PSEi) reach an intraday high of 8,969.18, a fresh record intraday peak.

The broader all-shares index, meanwhile, barely moved to finish at 5,127.25, inching up by 0.01% or 0.66 point.

“During early trade, optimism about consumer giant growth prospects lifted the index to all-time high. However, profit taking prompted investors to close at almost unchanged,” IB Gimenez Securities, Inc. Research Head Joylin F. Telagen said in a text message, citing Jollibee Foods Corp. (JFC).

Shares in JFC were the most actively traded on Tuesday, jumping 5.23% or P13.80 to finish at P277.60 apiece.

Summit Securities, Inc. President Harry G. Liu likewise attributed the market’s short-term movements to profit taking as the index tests a new record high.

“I think the market today was purely on a very technical behavior, because there’s no fundamental crisis on sight, only direction like the infrastructure program, tax amnesty, possible constitutional change on foreign ownership,” he said in a phone interview on Tuesday.

Mr. Liu noted that trading volume would have to keep up in order to cement the market’s rise.

“We’re seeking a technical high, where it will be resisted. On a new high, the thing that you have to look at is volume. If there’s no volume, then that means it will still be within the range where it tries to consolidate,” he added.

The market saw a total of 627.30 million shares switch hands on Tuesday valued at P7.40 billion, rising from the P5.58-billion volume recorded on the day before.

Four sectoral indices closed in positive territory, with the mining and oil counter leading the day’s gains at 12,183.16, climbing 2.33% or 277.61 points. Industrials followed, rising 1.52% or 176.84 points to 11,767.99; services went up by 0.62% or 10.05 points to 1,628.67; and property added 0.33% or 13.63 points to 4,054.26.

On the other hand, financials and holding firms finished on a negative note, giving up 0.64% to 2,290.48 and 0.45% to 9,046.58, respectively.

Advancers outpaced decliners, 108 to 102, while 61 issues were unchanged.

Foreign buying prevailed on Tuesday to yield a net inflow of P698.79 million, higher than Monday’s P419.91-million net purchases.

American markets were closed on Monday in commemoration of the Martin Luther King Jr. holiday.

Meanwhile, most Asian indices were up on Tuesday, pushed primarily by tech and automobile stocks.

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