Stocks down on profit-taking

The local stock barometer slipped Tuesday arising from profit-taking as the index neared 7,500 alongside some portfolio adjustments in line with the MSCI rebalancing.

The Philippine Stock Exchange index (PSEi) lost 62.74 points or 0.84 percent to close at 7,401.60.

All counters ended in the red, led by the property counter, which tumbled 1.72 percent.

Total value turnover for the day was heavy at P32.8 billion as investors rushed to track the index weights as prescribed by the MSCI rebalancing, which would take effect after the close of Tuesday’s trade.

The PSEi was weighed down

by ICTSI, which tumbled by 6.14 percent, while GT Capital slipped by 3.79 percent.

Ayala Land, BPI and SM Prime all lost more than 2 percent while URC, BDO, SM Investments Corp. and Aboitiz Power all declined by more than 1 percent.

PLDT, JG Summit, Jollibee, Metro Pacific Investments Corp. and Semirara all slipped.

The most actively traded stock was Security Bank, which rose 3.57 percent, ahead of its inclusion into the MSCI Philippines index. About P7.5 billion worth of shares of Security Bank—which is not part of the PSEi—changed hands.

Globe and Megaworld bucked the day’s downturn, respectively rising by 4.33 percent and 3.69 percent.

Ayala Corp., Metrobank and Aboitiz Equity Ventures, also gained more than 1 percent each. Doris Dumlao-Abadilla