Stocks down on profit-taking

Most local stocks dipped Tuesday as investors pocketed gains amid fresh eurozone debt jitters.

The main-share Philippine Stock Exchange index shed 26.10 points or 0.54 percent to close at 4,775.93. The mining/oil and holding firm counters were the most battered for the day as their respective sub-indices fell 2.17 percent and 1.2 percent.

Only the financial counter defied the day’s downturn, led by the country’s biggest bank Banco de Oro Unibank. Shares of BDO were up 1.9 percent to P64.35 a share on expectations of robust full-year 2011 results.

Value turnover amounted to P8.25 billion. There were 67 advancers, which were edged out by 93 decliners, while 48 stocks were unchanged.

As investors reassess their gains after the recent run-up that jacked up prices of many blue chips to record highs, 4,800 is seen as a key resistance for the main index.

The companies that weighed down most on the PSEi were PLDT, SM Investments, Metrobank, EDC, Aboitiz Power, AGI, AEV, Semirara, Ayala Land and SM Prime. Manila Mining “A” (open only for local investors) and “B” (open to all), Security Bank and Petron also traded lower.

Apart from BDO, gains by ICTSI helped temper the day’s PSEi decline.

Meanwhile, mining stocks Geograce, NiHao and Dizon traded higher as investors who profited from the recent run-up in blue chips sought alternative outlets.

Stocks across the region were mixed after global credit watcher Moody’s lowered its rating on six European states. On the other hand, trading in Wall Street was upbeat overnight after Greece approved belt-tightening measures needed to avoid a sovereign debt default.

The Dow Jones industrial average gained 72.81 points or 0.6 percent to 12,874.04. Doris C. Dumlao