Local stock index slips but stays above 6,300 mark

MANILA, Philippines—The local stock index slipped on profit-taking after a five-day rally but stayed above  the 6,300 level on Friday as foreign investors continued to pick up Philippine equities.

The Philippine Stock Exchange index lost 44.4 points or 0.7 percent to close at 6,308.36. But given the strong rally for most of the week, the index had a net gain of 194.7 points or 3.2 percent.

Despite the day’s correction, foreign investors remained net buyers to the tune of P1.02 billion, based on PSE data.

By sub-index, the day’s decline was led by the industrial counter, which lost 1.5 percent.

Turnover amounted to P7.45 billion, with 61 advancers against 98 decliners while 45 stocks were unchanged.

Investors pocketed gains from Jollibee (-3.89 percent) and URC and AC, which both fell by over 2 percent. AGI and Megaworld fell by over 1 percent while ALI, SMIC, SMPH, JGS, BPI, BDO and Metrobank also weighed down the index.

Outside of the PSEi, VMC (-5.24 percent) which has been the subject of merger and acquisition rumors dipped on profit-taking.

LR notably bucked the day’s downturn, rising by 6.45 percent. The gaming firm obtained approval to offer P250 million preferred shares sweetened with warrants and is buying a hotel-casino building in Binondo. (pls link to separate LR story)

Among index stocks, PLDT, DMCI and FGEN also ended higher.

Vista Land gained 0.55 percent in heavy volume./