Stocks down on profit-taking

The local stock barometer slipped on profit-taking but stayed afloat the 6,400-mark yesterday.

The Philippine Stock Exchange index (PSEi) lost 17.47 points or 0.27 percent to close at 6,407.52, weighed down by the property counter, which fell by 1.01 percent.

Across the region, trading was muted by the political tensions in Ukraine.

At the local market, there were 74 advancers, which were outnumbered by 84 decliners, while 55 stocks were unchanged.

Investors sold down shares of Energy Development Corp. (-3.59 percent) while Universal Robina Corp., Ayala Land Inc. and Alliance Global Inc. all fell more than 2 percent. DM Consunji Inc. and Ayala Corp. also fell by more than 1 percent.

EDC’s net income fell by 46 percent to P4.7 billion in 2013.

Shares of BDO Unibank, Semirara, SM Prime Holdings, Metrobank and Globe Telecom also declined.

On the other hand, Aboitiz Power bucked the day’s downswing with a 5.53-percent rise while SM Investments Corp. also advanced by 2.95 percent.

International Container Terminal Services Inc. and JG Summit both gained more than 1 percent while Philippine Long Distance Telephone Co. also firmed up.

“Today’s profit-taking in the PSEi may prove to be a good ‘buy’ opportunity for strong stocks,” said Gus Cosio, president of First Metro Asset Management Inc. Doris C. Dumlao