Stocks end slightly lower

The local stocks index slightly fell in mixed trade Wednesday as early-session profit-taking pressures were tempered by selective bargain-hunting in afternoon trade.

The main-share Philippine Stock Exchange index dipped 3.46 points or 0.07 percent to finish at 4,772.47. The stock barometer was down 14.75 points in morning trade but gains eked out by Metrobank, PLDT and Aboitiz Power pared down losses at the end of the session.

Sentiment was mixed for the day, with holding firms, property and mining/oil counters still in the doldrums while the financial, industrial and services counters firmed up slightly.

The share price of Metrobank was up 1.2 percent at P82 while PLDT and Aboitiz Power also rose 0.07 percent and 0.69 percent to P2,746 and P28.95, respectively.  EDC also aided the index, rising 0.17 percent to P5.71.

On the other hand, the index was weighed down most by profit-taking on conglomerates like Ayala Corp., SM Investments and AGI as well as on BPI, ICTSI and Ayala Land.

Other non-index stocks that dipped in heavy volume were high-flying stocks NiHao, Geograce, Dizon and Oriental Peninsula Mining.

Value turnover amounted to P6.87 billion. There were 72 advancers as against 81 decliners while 45 stocks were unchanged. Doris C. Dumlao