Stock market index dips amid profit-taking

MANILA, Philippines—The local stock market pulled back sharply on Friday as investors scrambled to pocket gains after the previous days’ run-up to record highs, taking their cue from the mostly weak regional markets.

The main-share Philippine Stock Exchange index shed 63.51 points or 1.32 percent to finish at 4,758.57.

The decline also mirrored the sluggish regional sentiment ahead of a keenly awaited US jobs report.

Holding firms led the day’s decline with the counter plunging by 3.2 percent as  the share prices of the following companies fell: AGI (-1.87 percent) , JG Summit (-11.4 percent), SMIC (-3.8 percent), AC (-2 percent) and AEV (-2.5 percent).

JG Summit, in particular, tumbled sharply following the place-out of shares by affiliates to offshore investors at a steep discount to market prices.

Other stocks that weighed down the index were EDC, SM Prime, PLDT, Metrobank, Megaworld, Meralco and ALI.  The decline in SM Prime, Megaworld and ALI weighed down the property counter by 1.8 percent.

On the other hand, the index stocks that bucked the day’s downturn were BPI, Metro Pacific Investments and Cebu Air.  Phoenix Petroleum, Manila Mining “A” (open only to local investors) and GMA Philippine deposit receipts also traded in positive territory.

BPI’s gain allowed the financial index to end in the green while Manila Mining helped to shore up the mining/oil index.

Turnover amounted to about P8.68 billion.

There were 79 gainers against 107 decliners while 32 stocks were unchanged.

Dealers said that with local stocks rising too fast too soon, many local investors were being tempted to lock up gains from the previous sessions.