Local stock index falters amid profit-taking

pse.com.ph photo

MANILA, Philippines—The local stock market barometer fell below 7,300 on Friday as investors continued to pocket gains from the earlier run-up.

The main-share Philippine Stock Exchange index shed 45.47 points or 0.62 percent to close at 7,268.91.

Across the region, stock markets were spooked by the volatile Japanese yen.

At the local market, all counters ended in the red.  There were 57 advancers against 95 decliners while 56 stocks were unchanged.

Dealers said investors had  to pause and reassess their portfolio after the recent run-up.

Turnover amounted to P7.13 billion.

The shares that succumb most to profit-taking were ICTSI (-2.28 percent), EDC (-2.26 percent), BPI (-2.03 percent) and URC (-2. percent). Meralco, MPI, Philex, DMCI, BDO and Globe were also battered.

On the other hand, the day’s biggest index gainers were Bloomberry (+2.03 percent), Petron (+1.92 percent), Megaworld (+1.51 percent), SMC (+1.33 percent) and Semirara (+1.07 percent).  RLC, MWC and AGI also gained ground.