Local stock index slips for second day

Philippine Stock Exchange Index October 25, 2013. Screengrab from https://www.pse.com.ph/stockMarket/home.html

MANILA—The local stock index dipped for the second session in a row on Friday as investors locked in profits and reallocated some funds to a busy pipeline of initial public offerings this fourth quarter.

The main-share Philippine Stock Exchange index shed 43.96 points or 0.67 percent to close at 6,539.81. For the week, the local stock index gave up 68.02 points or 1 percent.

Elsewhere in the region, indices were likewise mostly in the red due to profit-taking.

Turnover was heavy at P10.05 billion, including a P3.19-billion block sale on Maybank ATR Kim Eng on the consummation of the purchase of shares by an investor group led by businessman Alfredo Yao.

There were 48 advancers against 94 decliners while 36 stocks were unchanged.