Stocks continue to decline

The local stock barometer fell below 7,300 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, which were overwhelmed by 95 decliners, while 56 stocks were unchanged. Dealers said investors have to pause and reassess their portfolio after the recent rally. Value turnover amounted to P7.13 billion.

The stocks that succumbed 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.

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. — Doris C. Dumlao