Stocks break off record climb

MANILA, Philippines–The Philippine Stock Exchange index (PSEi) on Thursday slipped from its record climb, but managed to stay above the 7,800 mark despite a bout of profit-taking.

The main-share PSEi lost 28.79 points, or 0.37 percent, to close at 7,819.04. Concerns over the arbitration on water tariffs also tempered risk-taking, with infrastructure holding firm Metro Pacific Investment Corp. sliding by 4.91 percent.

One notable decliner for the day was MWC, which tumbled by 10.67 percent. Dealers said the arbitration panel that heard the petition against water regulators might not come up with a ruling favorable to MWC.

Value turnover for the day amounted to P9 billion. Despite the decline of the PSEi, there were more advancers (95) than decliners (90) in the market.

The day’s decline was led by the industrial counter, which fell by 1.07 percent while the financial, holding firm and property counters also declined.

On the other hand, the services and mining/oil counters firmed up. —Doris C. Dumlao