Stocks end lower as investors lock up gains
pse.com.ph photo
MANILA, Philippines–Local stocks hit a new record intra-day peak but closed in negative territory on Thursday as investors locked up gains after the government announced a 6.8-percent local economic growth rate for the fourth quarter of 2012.
The main-share Philippine Stock Exchange index closed 28.49 points or 0.45 percent lower at 6,242.74, ending a five-day winning streak. The index pulled back from the day’s peak of 6,332.27 – a new record high – as the latest growth report only slightly exceeded government forecasts.
The financial (-2.05 percent) and services (-1.72 percent) counters were most battered by the profit-taking, which intensified in the afternoon.
Value turnover was large at P12.44 billion. There were 62 advancers which were edged out by 106 decliners while 44 stocks were unchanged.
The day’s decline was triggered by profit-taking on Metrobank, PLDT, Meralco, Megaworld, MPI, Globe and BPI.
On the other hand, ALI, Ayala Corp., gains eked out by SMIC, BDO, SMC, EDC, URC and AEV tempered the PSEi’s decline.
The 6.8 percent gross domestic product growth for the fourth quarter was better than the 6.3 percent consensus forecast for the period but was not enough to excite the market, according to Eagle Equities president Joseph Roxas.
“The public does not know the consensus,” Roxas said, adding that what was more given weight was that the fourth quarter figure was lower than the revised growth of 7.2 percent for the third quarter of 2012.
