The LOCAL stock market pulled back sharply on Friday as investors scrambled to pocket gains, 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 mirrored the sluggish regional sentiment ahead of a keenly awaited US jobs report.
Holding firms led the day’s decline as their counter dropped by 3.2 percent.
JG Summit, in particular, tumbled sharply following the place-out of shares by affiliates to offshore investors at a steep discount.
Other stocks that weighed down the index were EDC, SM Prime, Metrobank and Megaworld. On the other hand, BPI, Metro Pacific Investments and Cebu Air bucked the day’s downturn.
Value turnover amounted to P8.68 billion. There were 79 advancers against 107 decliners, while 32 stocks were unchanged.
Dealers said that with local stocks rising too fast too soon, many local investors were tempted to lock up gains made in previous sessions. Doris C. Dumlao