Valuation, Iraq violence weigh down PSEi

Most local stocks slipped for a second session on Monday as investors weighed lofty valuations and the escalating violence in Iraq.

The main-share Philippine Stock Exchange index lost 26.5 points or 0.39 percent to close at 6,758.45.

The financial, industrial, holding firm and services sectors weighed down the index while mining/oil and property firms gained.

Value turnover for the day was thin at P6.71 billion. There were 91 advancers, which were slightly edged out by 95 decliners while 47 stocks were unchanged.

AGI (-2.07 percent) was among the notable PSEi decliners while investors also sold down shares of PLDT, BDO, SMIC, Metrobank, URC, DMCI, Petron and AEV,

Outside of PSEi stocks, there was likewise profit-taking on RRHI (-2.16 percent) and Security Bank (-1.56 percent).

On the other hand, shares of Megaworld, ALI, BPI and LTG firmed up.

Other notable gainers were: DAVIN (+20.27 percent), Sinophil (+10.71 percent) and GERI (+4.69 percent).

DAVIN is rising on speculation of assets to be infused by the group of retailer Lucio Co. Doris C. Dumlao