Philippine stocks takes pause after 4-day run-up
MANILA, Philippines—Local stocks marginally dipped on Thursday, pausing after a four-day run-up, as investors reassessed gains as the main index neared all-time highs.
The Philippine Stock Exchange index eased by 1.77 points, or 0.03 percent, to close at 5,256.15. Dealers said that investors were still upbeat on local equities but needed to take a respite as the index climbed closer to all-time highs of over 5,300.
The index lost 19 points in morning trade but pared down losses as investors remained upbeat on local prospects and were willing to load up stocks at higher valuation.
Trading was mixed across counters, with the holding firms, services and mining/oil counters ending in the red. Modest gains by the financial, industrial and property counters tempered the index gains.
Value turnover for the day remained heavy at P8.96 billion, including a P3-billion block arising from the transfer of sales sold by the group of Manuel V. Pangilinan to the Lopezes. There were 68 stocks that advanced versus 98 that declined while 43 stocks were unchanged.
The stocks of AGI, PLDT, Megaworld, SMIC, DMCI, AC and Aboitiz Power weighed down the index. PXP, Bloomberry, Dizon and Puregold also succumbed to profit-taking.
On the other hand, the index stocks that gained ground were Metrobank, Meralco, URC, BPI, EDC, ALI, SM Prime and First Gen.
Lopez-led FPH also gained by 1.07 percent after cementing an agreement to acquire the First Pacific Group’s 25-percent stake in upscale property developer Rockwell Land.
