Stocks close lower

The stock index Friday closed slightly lower, even though it hit a new intraday high of 5,329.76, as some investors decided to pocket gains from the recent rallies.

The main-share Philippine Stock Exchange index closed lower by 2.86 points, or 0.05 percent, to 5,297.55 in mixed trade. During the week, the index racked up 128.5 points, or 2.5 percent, due to the breakout in prices seen in the last two days.

Theresa Marcial-Javier of Bank of the Philippine Islands said market sentiment was upbeat on first quarter corporate earnings.

“That’s the catalyst that we’re seeing,” she said, explaining the surge to new highs in the last three days.

The local stock market is now valued at about 17 times projected earnings for 2012, similar to the price multiple seen during the last stock market bull run in 2007.

The main index was weighed down by the financial, holding firms and mining/oil counters, while the industrial, services and property counters firmed up.

Value turnover amounted to P8.99 billion. There were 63 advancers against 107 decliners, while 44 stocks were unchanged.

Doris C. Dumlao