Stocks end lower

The local stock market returned to the doldrums Friday as investors pocketed gains while global oil prices rose on escalating political tension in Iraq.

The main-share Philippine Stock Exchange index (PSEi) lost 24.23 percent or 0.36 percent to close at 6,784.95.

A spike in oil prices arising from a civil war in Iraq tempered risk-taking at the local market, the Philippines being a net oil importer. At the same time, lofty stock market valuations relative to historical levels have made profit-taking more attractive.

All counters were in the red but the most battered was the mining/oil counter (-1.18 percent).

Value turnover amounted to P7.76 billion. There were twice as many decliners for every single gainer.

The PSEi was weighed down by Metro Pacific Investments Corp. and Semirara, which both fell more than 2 percent, while Alliance Global Inc., Megaworld, DMCI and Ayala Land Inc. slipped by over 1 percent.

BDO, Metrobank, ICTSI, PLDT, SM Prime and Globe Telecom also faltered.

Outside of the main index, DoubleDragon (-6.54 percent) continued its pullback.

Meanwhile, the day’s losses were tempered by the gains made by SM Investments Corp. and BPI, which both gained more than 1 percent, while Ayala Corp. and Energy Development Corp. also firmed up. Doris C. Dumlao