PROFIT-TAKING on Wednesday snapped the market's two-day rally on Wednesday as investors opted to remain liquid ahead of the long weekend, although the benchmark index managed to defend the 6,900 level at the close.Meanwhile, the peso held firm against the US dollar for the third day in a row.The benchmark Philippine Stock Exchange index dropped 44.14 points, or 0.64 percent, to close at 6,900.62.The broader All Shares index lost 0.13 percent, or 4.71 points, to 3,724.38.
, said Philippine shares succumbed to profit-taking after hitting 7,000 intraday on Tuesday as investors 'started to keep to cash ahead of the long weekend.''In addition, US stocks dipped on Tuesday, ending a winning streak, as investors hesitated to extend the market's recovery rally,' Limlingan added.'With the Fed's next policy meeting in focus, the CME FedWatch Tool suggests a likely interest rate cut, though the extent remains debated,' he continued.