PSE index retreats from record highs

MANILA, Philippines—The local stock index pulled back from record highs on Friday as jitters over Standard & Poor’s two-notch sovereign credit downgrade on Spain added to profit-taking pressures.

The main-share Philippine Stock Exchange index ended a four-day upswing, giving up 49.92 points or 0.96 percent to close at 5,169.05.

The retreat on Friday trimmed the PSEi’s weekly gains to only about 12 points.

All counters ended in the red but the cyclical counters—the financial and property sub-sectors—succumbed most to the profit-taking.

Turnover also dwindled to P5.82 billion.

There were 73 advancers against 87 decliners while 51 stocks were unchanged.

Among the index stocks that declined were Metrobank, MPI, AGI, Philex, ALI, BDO, URC, DMCI and Manila Water.

There was likewise profit-taking on GTCAP, Security Bank and Philex Petroleum after the euphoria over the Sampaguita gas discovery fizzled out.

On the other hand, the PSEi’s decline was tempered by the gains eked out by PLDT, Megaworld, SMIC and Semirara.

GMA-Phil. Depositary Receipts also continued to rise (+0.99 percent to P10.20) on expectations of a nearing buyout deal by the group of Manuel V. Pangilinan.   Cebu Holdings also gained in heavy volume.