Stocks end slightly lower

The local stock market closed slightly lower Friday, reversing a strong run-up early in the session, as investors consolidated gains ahead of the Lunar Year turnover.

The main-share Philippine Stock Exchange index hit a new intra-day record high of 6,489.90 in morning trade before closing 1.32 points or 0.02 percent lower at 6,458.67.

The stock market was slightly short of President Aquino’s wishful thinking of a 6,500 level on his birthday Friday.

For the week, the PSEi gained 140.06 points or 2.2 percent, climbing to new record highs earlier in the week. A new record closing was marked at 6,470.49 on Feb. 5.

Dealers said investors could be consolidating their gains ahead of the Chinese New Year as many Asian markets would

be on holiday break for most of next week.

Elsewhere across Asia excluding Japan, trading was mostly upbeat yesterday due stronger than expected Chinese trade data for January.

At the local market, trading was mixed for the day, with the decline in the financial, industrial and mining/oil counters offsetting modest gains made by holding firms, services and property counters.

Total trades amounted to P7.84 billion. There were as many advancers as decliners (86 each) while 40 stocks were unchanged.  Doris C. Dumlao