Local stock price index ends lower on renewed profit-taking

The local stock market returned to the doldrums yesterday as investors pocketed short-term gains amid cautious sentiment across regional markets.

The main-share Philippine Stock Exchange index (PSEi) slipped by 38.46 points or 0.53 percent to close at 7,244.79.

In the last two weeks, investors tended to dump shares whenever the index neared the 7,300 barrier.

Yesterday, the PSEi hit a high of 7,292.62 and a low of 7,236.91.

For the volatile week, the index was still up by 9.58 points or a modest 0.13 percent from the previous week’s finish of 7,235.21.

Except for the financial counter, all sub-indices slipped yesterday. The PSEi was weighed down most by the services counter, which fell by 1.32 percent.

Value turnover for the day amounted to P6.98 billion. There was a modest net foreign selling of P48 million compared to Thursday’s net foreign buying of P506 million.

There were 99 decliners that outnumbered 93 advancers while 48 other stocks were unchanged.

Investors sold down shares of ICTSI, PLDT and Metrobank, which all fell by more than 2 percent. Conglomerates Alliance Global Group and Aboitiz Equity Ventures both tumbled by more than 1 percent.

Ayala Land, SM Investments, GT Capital, Ayala Corp., Aboitiz Power and DMCI also slipped.

On the other hand, the PSEi’s decline was tempered by the gains of by BDO Unibank and Semirara, which both advanced by more than 1 percent. Universal Robina Corp., Metro Pacific, Megaworld and BPI also gained.

Notable gainers outside the PSEi included D&L (+2.52 percent) and Melco Crown (+0.79 percent).

Melco Crown reported on Friday a big increase in the gaming revenues of integrated casino-resort City of Dreams Manila.