Stocks down ahead of polls

LOCAL stocks slipped Friday amid cautious trading in the region and as investors took money off the table on the last trading day before voting on May 9.

The benchmark Philippine Stock Exchange index (PSEi) was down 0.11 percent, or 7.88 points, to 6,991.87. The broader All-Shares index was flat at 4,163.06.

Trading volume was higher, with 2.73 billion shares valued at P7.3 billion changing hands. There were 80 gainers against 95 decliners while 47 companies closed unchanged. Foreign selling hit P5.37 billion against buying of P4.76 billion, for a net sale of P612 million.

Subsectors were also mixed Friday. Losers were led by holding companies and services, which dropped 0.2 percent and 0.17 percent, respectively. Property companies gained 0.33 percent.

Ayala Land Inc. led the list of most actively traded companies as it lost 0.15 percent to P33.85 a share. This was followed by Philippine Long Distance Telephone Co., down 1.25 percent to P1,660; Universal Robina Corp., up 0.29 percent to P204.40; SM Prime Holdings Inc., up 0.22 percent to P22.65, and BDO Unibank Inc., down 0.8 percent to P99.50.

Other actively traded companies were Megaworld Corp., up 3.64 percent to P3.70; D&L Industries, up 0.23 percent to P8.87; Ayala Corp., up 0.27 percent to P735; Globe Telecom, up 0.37 percent to P2,178, and Philippine Seven Corp., down 4.35 percent to P110 a share.  Miguel R. Camus