Stocks continue to weaken

The local stock barometer slipped for the second straight session as high prices led to more profit-taking.

The Philippine Stock Exchange index (PSEi) lost 44.73 points or 0.64 percent to close at 6,903.79.

Most counters fell, led by the holding firm counter (-1.16 percent). Value turnover was thin at P5.47 billion. There were 87 advancers, which were edged out by 98 decliners, while 44 stocks were unchanged.

The most battered PSEi stocks were First Gen (-3.9 percent), JG Summit (-3.38 percent) and Aboitiz Equity Ventures (-2.24 percent). BDO Unibank, Megaworld and Ayala Corp. all declined by more than 1 percent while PLDT, Alliance Global Group Inc., SM Prime, Ayala Land Inc., Metrobank, BPI and SM Investments Corp. also weighed down the index.

Outside of the PSEi, Vitarich (-5.36 percent) also succumbed to profit-taking.

On the other hand, the PSEi stocks that bucked the day’s downturn were URC, Robinsons Land and Globe. Non-PSEi stocks Sinophil (+1.95 percent) and Vista Land (+0.51 percent) also gained in heavy trade. Doris C. Dumlao