Stocks down on profit-taking

The local stocks index ended slightly lower for a second session as investors pocketed gains from the recent run-up.

The main-share Philippine Stock Exchange index slipped by 9.74 points or 0.19 percent to finish at 5,246.41.

The index was weighed down by the financial and services counters. On the other hand, the industrial, holding firms, mining/oil and property counters were modestly higher.

Value turnover was extraordinarily high at P43.9 billion due to the cross of a block of San Miguel Corp. shares worth P37 billion, representing the shares sold by SMC chair Eduardo Cojuangco Jr. to trusted allies led by SMC president Ramon S. Ang.

Despite the overall index decline, there were 111 advancers that beat 60 decliners, which meant that investors who cashed in from large-cap stocks scouted for other opportunities among second-liner stocks.

The day’s decline was due to the softening of PLDT, Metrobank, Ayala Corp., DMCI and Jollibee.

Index losses were tempered by the gains made by Megaworld, Alliance Global, SM Investments, Ayala Land, Meralco, Belle, Cebu Air, Universal Robina, BPI and Energy Development Corp.

Likewise among the day’s gainers were gaming firms Bloomberry and Leisure and Resorts as well as Security Bank and First Holdings. Doris C. Dumlao