Stocks down on profit-taking
The local stock barometer slipped Friday but stayed afloat the 7,200 mark, battered by profit-taking on gaming stock Bloomberry Resorts Corp.
The Philippine Stock Exchange index (PSEi) lost 30.91 points or 0.43 percent to close at 7,205.72 as investors locked in gains from large-cap stocks such as Bloomberry and Banco de Oro.
Traders work at the Philippine Stock Exchange. AFP FILE PHOTO
Bloomberry shares had risen in recent weeks, partly due to speculation that it might be added to the closely tracked MSCI index. This, however, did not happen. Friday, Bloomberry shares fell 7.74 percent and was the most actively traded company in the market.
There was likewise profit-taking on BDO Unibank, which lost 3.96 percent, while Megaworld and GT Capital both were down more than 2 percent.
Shares of SM Investments Corp. and SM Prime Holdings Inc. also ended lower.
The PSEi ’s decline for the day was tempered by the recovery of Philippine Long Distance Telephone Co., which firmed up by 0.75 percent.
Emperador was up 3.19 percent on news of the entry of Singapore’s sovereign wealth fund GIC as a strategic investor.
Ayala Land Inc., Ayala Corp., Alliance Global Group Inc. and Robinsons Land Corp. also contributed to the day’s gains.
Outside of the PSEi, premium retailer SSI Group surged 6.53 percent on its first day of trading.
Shares of Nickel Asia went up by 4.14 percent. Robinsons Retail Holdings Inc. was also up by 2.56 percent.
Security Bank gained by 2 percent on its inclusion in the MSCI global small-cap index. Doris C. Dumlao
