Gaming stocks gain, PSEi eases on profit-taking

Most local stocks eased Thursday on profit-taking but gaming stocks bucked the downturn as Hong Kong and the Philippines ended their 2010 hostage-taking row.

The main-share Philippine Stock Exchange index (PSEi) slipped by 38.19 points or 0.56 percent to close at 6,731.33.

Value turnover was relatively thin at P6.77 billion. There were 86 advancers, which were edged out by 94 decliners, while 39 stocks were unchanged.

“The market’s down but people still want to buy,” said Gus Cosio, president of First Metro Asset Management Inc. “The bull is still running. It’s just catching its breath.”

All counters declined except for the mining/oil sub-index, which posted a marginal gain.

Bloomberry (+5.77 percent) was an outperformer for the day while other gaming stocks Resorts World Manila (+0.52 percent) and Melco (+2.04 percent) also firmed up as they are seen benefiting from Hong Kong’s lifting of the sanctions slapped on the Philippines after the 2010 Manila hostage-taking tragedy. Doris C. Dumlao