Stocks down on profit-taking

The local stock barometer slipped Friday as investors pocketed gains after a four-day upswing and took their cue from sluggish regional markets.

The main-share Philippine Stock Exchange index (PSEi) shed 38.75 points or 0.5 percent to close at 7,723.60.

For the week, the PSEi gained 2.2 percent ahead of the US Federal Reserve Board’s  policy meeting that left key interest rates unchanged, as expected, on Thursday.

Across the region, stock markets were mostly lower as investors discounted the decision of the US Fed and the Bank of Japan to maintain monetary stimulus.

The day’s decline was led by the financial, industrial, holding

firms and services counters while the mining/oil and property counters inched up.

Value turnover for the day amounted to P7.61 billion.

Despite the PSEi’s decline, there were slightly more advancers (90) than decliners (89) while 51 stocks were unchanged.

Investors sold down shares of JG Summit, which fell by 3.35 percent, while Universal Robina Corp. also tumbled by 2.34 percent.  Metrobank fell by 1.79 percent.

PLDT, Security Bank, SM Prime, Globe, BPI and DMCI also slipped.

On the other hand, Metro Pacific Investments Corp. and Megaworld were unscathed, both advancing by more than 1 percent.

Ayala, SM Investments Colrp. and BDO Unibank also firmed up.

Outside of PSEi stocks, one notable gainer was Nickel Asia, which rose by 6.61 percent. This mining firm is seen to benefit from a “flight to quality” as the Department of Environment and Natural Resources (DENR) suspends a number of “non-compliant” mining firms.  Doris Dumlao-Abadilla