Philippines stocks dip

MANILA, Philippines — The local stock barometer inched back on Tuesday as some investors pocketed gains after a seven-day run-up.

The main-share Philippine Stock Exchange index shed 25.63 points or 0.58 percent to finish at 4,361.43, weighed down most by the profit-taking on holding firms.

Value turnover was heavy at P11.85 billion, including a P714 million worth of block sale on FLI at P1.02 per share.

There were 49 advancers which were overwhelmed by 105 decliners while 45 stocks were unchanged.

A local dealer said the market was just taking a break to gain momentum for a positive close for 2011. The index has so far risen by 161.43 points or 3.8 percent since the start of the year.

Among the index stocks that succumbed to profit-taking were SM Investments, AGI, Globe, Metro Pacific Investments, DMCI, Metrobank, BPI, Aboitiz Power, PLDT and Semirara. Lepanto A (open only to local investors) and FLI also traded lower.

On the other hand, BDO and Belle helped temper the PSEi’s decline. Security Bank, APC Group, Belle, Dizon Copper Silver Mines and Manila Mining A also gained.