Stocks end lower

MANILA, Philippines—Local stocks pulled back Wednesday as some investors locked up gains from the past three sessions.

The main-share Philippine Stock Exchange index gave up 10.52 points, or 0.28 percent, to finish at 3,773.71.

The holding firm, financial, property and mining/oil counters succumbed to profit-taking while the industrial and services counters eked out modest gains.

Value turnover was back to an anemic level of P3.8 billion. There was P259 million worth of net foreign selling for the day.

There were nearly two decliners for every single gainer (80 against 42). As 3,700 proved to be a strong barrier to further declines in the past few days, so has the 3,800 level as an upside barrier. Given lingering geopolitical risks in the Middle East, investors thus kept trades within such support and resistance levels.

But while some of the previous days’ stellar performers such as Aboitiz Equity Ventures fell on profit-taking, there was some bargain-hunting on PLDT.

Lopez-affiliated stocks First Gen and First Holdings and parent firm Lopez Holdings also firmed up as the parent firm Lopez Holdings expected to complete this year efforts to clean up its balance sheet and return to a capital surplus.

Consumer-focused stocks such as Jollibee and SM Prime also bucked the day’s downtrend alongside storied stock Manila Mining on partnership talks with First Pacific-led Philex Mining for the development of Manila Mining’s Kalayaan mine in Mindanao.—Doris C. Dumlao