PSEi slips for 3rd straight session

Philippine Stock Exchange AFP FILE PHOTO

MANILA—Most local stocks prices tumbled due to profit-taking for the third session in a row on Friday, giving up some gains after recently hitting 10-month highs.

The local stock index  lost 46.23 points or 0.69 percent to close at 6,685.10.

“This is good. I’d like to see the market come off a bit more,” said Gus Cosio, president of First Metro Asset Management Inc.

For the week, the main index was up by a modest 13.92 points or 0.2 percent compared to the 6,671.18 closing during last week’s three-day Lenten trading week.

The decline on Friday was led by the mining/oil counter (-1.36 percent). The share price of Marcventures, which has a 2.88-percent weight on this sub-index, fell by 19.62 percent on news of a suspension order on its Surigao mining operations.

Only the services counter was up, albeit by a very modest level.

Turnover was thin at P6.6 billion.