MANILA, Philippines ? (UPDATE) Local stocks took a breather on Thursday after several days of setting new multi-year highs as investors mimicked the profit-taking in Wall Street.

The main-share Philippine Stock Exchange index shed 14.25 points or 0.44 percent to close at 3,256.12. But because of strong gains earlier this week, the main index was still up by 2.98 percent for the week.

Modest gains by the financials and mining/oil counters failed to offset the decline in the industrial, holding firms, property and services sectors. Dealers said many investors locked in gains ahead of another long weekend.

The local stock market is on a holiday break on Friday (April 9) in observance of Araw ng Kagitingan (Day of Valor).

The day's turnover was heavy at P5.15 billion. There were only 37 advancers as against 54 decliners and 79 unchanged stocks.

Among the day's decliners were Semirara Mining Corp., Philippine Long Distance Telephone Co., First Philippine Holdings Corp., Globe Telecom Inc., Ayala Corp., Universal Robina Corp. and SM Prime Holdings Inc.

On the other hand, those that bucked the day's downturn were SM Investments Corp., Philippine National Bank, Megaworld Corp., Security Bank Corp. and Rizal Commercial Banking Corp.

Overnight, US stocks succumbed to profit-taking on news about weak consumer borrowing and the second-semester 2009 losses incurred by American automotive giant General Motors.