Market down as investors cash out

Philippine stocks edged slightly lower Thursday, as some investors cashed out after recent big gains that brought the measure above the 7,700 level.

The benchmark Philippine Stock Exchange Index (PSEi) slid 0.11 percent, or 8.25 points, to 7,713.32. The all-shares index was higher by 0.05 percent to 4,536.90.

Subindices ended mixed Thursday. Financials led gains with a 0.39 percent increase, followed by industrial, up 0.27 percent. Holding firms sank 0.51 percent.

Volume was also dramatically lower in Thursday’s session, at 2.1 billion shares valued at P6.9 billion. Meanwhile, 101 companies gained, with 78 decliners while 47 companies closed unchanged.

Universal Robina Corp. was the most actively traded Thursday, as it gained 0.54 percent to P186 per share.

This was followed by Ayala Land Inc., up 0.13 percent to P38.15, Security Bank Corp., down 0.52 percent to P231.20, Ayala Corp., down 1.27 percent to P858, and PLDT Inc., down 0.60 percent to P1,670 per share.

Other actively traded stocks were Globe, unchanged at P1,900; Manila Water, up 0.65 percent ;  BDO Unibank, up 0.96 percent ; SM Prime, up 0.35 percent , and Megaworld Corp., up 1.17 percent.