Philippine stocks down on profit-taking

MANILA, Philippines—Local share prices slipped for the second day ahead of the long weekend despite gains on Wall Street overnight.

Analysts said the dip Thursday was a continuation of the correction on Wednesday as investors pocketed gains from the run-up in the previous days.

The main Philippine Stock Exchange index (PSEi) slipped 0.54 percent, or 23.76 points, to close at 4,342.69, while the broader all-share index rose 0.02 percent, or 0.60 point, to 3,014.62.

The sub-indices closed mixed. Ending in the green were services, up 0.48 percent, followed by property firms that added 0.44 percent. Likewise, industrials also climbed 0.42 percent.

Meanwhile, decliners were led by the mining and oil sector, plunging 5.36 percent for the day, after gold prices fell. Holding firms and financials also lost 0.39 percent. Mining company Lepanto Consolidated led the sell-off, losing 0.18 percent.

Heavily traded Belle Corp., Cebu Air Inc., San Miguel Corp., Semirara Mining Corp. and SM Development Corp. will be included in the main index starting next month. These companies will replace ABS-CBN Corp., Filinvest Land Inc., First Philippine Holdings Corp., Lepanto Consolidated Mining Co. and Security Bank Corp.

“The market remains frail while the mood is reduction of exposure in the equity market. In our view, the market is still in a correction,” a local trader commented.—Paolo G. Montecillo