Philippine stock index dips amid profit taking in nervous market

MANILA, Philippines—Most local stock prices retreated on Wednesday as investors reassessed their portfolios, some of whom were tempted to pocket gains, after a five-day run-up.

The main-share Philippine Stock Exchange index shed 32.43 points to finish at 4,340.27. This developed as overnight, the US stock market also faltered after a four-day winning streak as investors were reminded about lingering economic and debt problems in Europe.

The high-flying mining/oil counter succumbed most to profit-taking.  Its index declined by 3.56 percent.  All other counters ended in negative territory.

There were only 44 advancers against 102 decliners while 36 stocks were unchanged.

Turnover amounted to P6.6 billion.

Lepanto “A (open only to local investors),” EDC, Lepanto “B” (open to both local and foreign investors), AGI, Philex, BDO and Megaworld dragged down the index. Non-PSEi stocks San Miguel Corp., Manila Mining A, ORE, Premiere Entertainment, NiHao, Atlas and Zeus were also sold down.

On the other hand, the PSEi’s losses were tempered by the gains eked out by PLDT, Aboitiz Power, SM Investments and Metrobank.