Stocks dip on profit taking

MANILA, Philippines–The local stock barometer slipped from the 7,700 levels on Thursday as investors locked in gains from the main index’s recent trek to record highs.

The Philippine Stock Exchange index (PSEi) gave up 41.82 points or 0.54 percent to close at 7,674.24, tracking mostly sluggish regional markets.

The decline was led by the property counter, which fell by 1.16 percent.  The financial, industrial and holding firm counters likewise eased.

The services and mining/oil counters, on the other hand, defied the day’s downturn.

Value turnover for the day amounted to P10.1 billion.  There were 84 losers versus 94 gainers while 38 stocks were unchanged.

The day’s decline was led by FGEN, Megaworld, Jollibee and Petron, which all fell by over 2 percent.  Shares of Petron were dragged down by the overnight fall in crude oil prices.

SMIC, the day’s most actively traded stock, also declined by 0.99 percent. URC, ALI, EDC, BDO, DMCI, AC and SM Prime also weighed down the index.

On the other hand, those that defied the day’s downturn were Globe (+3.11 percent) and LTG (+2.86 percent).

Globe reported on Thursday a 25-percent rise in 2014 core net profit to P14.5 billion on the back of 9-percent rise in revenues to an all-time high P99 billion.  It declared last year a banner year.

LTG, on the other hand, is benefiting from expectations of a more stable cigarette business.

PLDT also firmed up on Thursday.

Outside of PSEi stocks, Security Bank and Puregold firmed up in heavy volume.

Elsewhere in the region, sentiment was weak as a decline in crude oil prices overnight weighed down energy-related shares. Doris C. Dumlao