THE LOCAL stocks index lost ground for the second straight session yesterday, pulling back below 4,300, as China’s fresh move to tighten monetary policy added to profit-taking pressures.
The main-share Philippine Stock Exchange index shed 19.9 points or 0.46 percent to finish at 4,292.11. Despite the profit-taking in the last two days, the early-week run-up still left 73.04 points or 1.73 percent in net gains for the index this week.
Trading yesterday was mixed across sectors, with the mining/oil succumbing most to profit-taking after steep gains in recent days. The financial, property and services counters also traded in the red while the industrial and holding firm counters posted marginal gains.
The index was led lower by Lepanto “A” (open only to local investors), JG Summit, DMCI, SM Investments, EDC, First Gen and Ayala Land. Doris C. Dumlao