Stocks slip on profit-taking

The local stock barometer returned to the doldrums yesterday as investors pocketed gains and oil prices faltered.

The Philippine Stock Exchange index (PSEi) lost 36.93 points or 0.51 percent to close at 7,262.30.

The day’s decline was led by the financial and mining and oil counters, which both tumbled by over 1 percent. The industrial, holding firms and property counters also slipped.

The services counter eked out a modest gain.

“Investors took profits on the last day of the quarter to preserve their portfolios albeit a sharp intraday reversal in oil,” said Luis Gerardo Limlingan, managing director at Regina Capital.

Limlingan also noted a decline in economic sentiment in the Eurozone for the third straight month in March.

“Lastly, Chinese banks’ earnings continued to drive the regional market, but the cut in dividend pay-out ratio has started as earnings growth dwelt to its lowest,” Limlingan said.

Total value turnover for the day amounted to P10.54 billion.  There were 93 advancers that were edged out by 111 decliners, while 40 stocks were unchanged.

The PSEi’s decline was led by GTCAP and BDO, which both tumbled by over 2 percent while Jollibee, Metrobank and EDC all slipped by over 1 percent. SMIC,

JG Summit and MPI also fell.

AC bucked the day’s downturn, rising by over 2 percent. URC and Globe both gained over 1 percent while ALI, PLDT, AEV and Megaworld all firmed up.

Outside of PSEi stocks, notable gainers included Security Bank (+3.18 percent) and RRHI (+2.99 percent), which both gained in heavy volume.  RCBC, which is at the center of a money laundering controversy, rose by 0.84 percent. Doris Dumlao-Abadilla