Stocks down on profit-taking

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

The Philippine Stock Exchange index (PSEi) 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.

Value turnover amounted to P7.45 billion, with 61 advancers edged out by 98 decliners while 45 stocks were unchanged.

Investors pocketed gains from Jollibee (-3.89 percent) and Universal Robina Corp. and Ayala Corp., which both fell more than 2 percent. Outside of the PSEi, Victorias Milling Corp. (-5.24 percent), which has been the subject of merger-and-acquisition rumors, dipped on profit-taking.

LR bucked the day’s downturn, rising 6.45 percent. The gaming firm obtained approval to offer P250 million worth of preferred shares sweetened with warrants and is buying a hotel-casino building in Binondo. Doris C. Dumlao