Stocks continue to weaken

The local stock barometer slipped for the second session in a row Tuesday as investors continued to pocket gains after the market’s strong run-up.

The Philippine Stock Exchange index (PSEi) shed 12.92 points or 0.2 percent to close at 6,394.60, still weighed down by the property counter (-1.07 percent).

Trading was mixed, with the industrial and property sectors ending in negative territory but overall losses curbed by the gains of the financial, holding firm, services and mining/oil counters.

Investors pocketed gains from Ayala Land (-2.01 percent) as well as from Ayala Corp., URC, Alliance Global Inc., DMCI, LT Group and Metrobank, which all fell more than 1 percent. SM Prime and Globe also succumbed to the downturn.

On the other hand, the PSEi’s losses were tempered by the gains of JG Summit (+2.83 percent). Shares of PLDT, BDO, SMIC, Megaworld, First Gen and ICTSI likewise advanced.

PLDT announced yesterday that it had exceeded its core profit target of P38.5 billion for 2013 as actual earnings had risen by 5 percent to P38.7 billion.

Value turnover for the day amounted to P11.25 billion. There were 66 advancers, which were outnumbered by 90 decliners, while 47 stocks were unchanged. Doris C. Dumlao