Stocks still on the decline

Local stocks fell sharply for the fifth straight session Friday as investors continued to lock in gains as prices reached lofty valuations.

The main-share Philippine Stock Exchange index shed 40.11 points, or 0.6 percent, to close at 6,654.66 Friday. The local stock market, sad to be among the most expensive in the region, also bucked the upswing in the region.

Trading across the region was mostly upbeat due to a favorable US jobs data.

In recent days, some foreign financial institutions have issued a sell recommendation on Philippine equities due to valuation concerns.

Value turnover for the day amounted to P12.38 billion.

There were 102 decliners against 57 gainers, while 51 stocks were unchanged.

Investors pocketed gains from large-cap stocks like PLDT, BDO, ALI, Bloomberry, Metrobank, BPI, Megaworld, ICTSI, JG Summit, AP and DMCI.  Doris C. Dumlao