Stocks pull back on profit-taking

The local stock barometer pulled back sharply on Tuesday after testing the 8,000 mark in the previous session, dragged down by profit-taking and a discounted sale of PLDT shares.

The main share Philippine Stock Exchange index (PSEi) declined by 139.51 points, or 1.73 percent, to close at 7,945.37.

PLDT, the day’s most actively traded company, plunged 8.39 percent on talks that controlling stockholder First Pacific was paring its stake.

Market sources said that $63 million in PLDT shares were being placed out at a discount to market price of 4-9 percent. The placement was arranged by American investment bank JP Morgan.

All counters ended in the red as Monday’s run-up to the 8,000 mark encouraged profit-taking.

Foreigners were net sellers, resulting in P737.38 million worth of outflow.

The property counter was the most battered for the day, sliding by 2.67 percent. Mining and oil subindex also dropped by 2.24 percent. The financial, industrial and services counters slipped by more than 1 percent.

Value turnover for the day amounted to P10.55 billion.

There were 113 decliners that outnumbered 84 advancers while 40 stocks were unchanged.

Aside from PLDT, Ayala Land, SM Prime and Jollibee lost more than 3 percent, while BPI, URC, RLC and Security Bank fell by over 2 percent.

Ayala Corp., SM Investments and Metro Pacific also slipped.

On the other hand, First Gen and Globe Telecom gained 2.17 percent and 1.5 percent, respectively, while ICTSI, Megaworld and Meralco slightly rose.

Notable gainers outside the PSEi included Phinma Energy, which was up 3.78 percent.