Local stock index dips in profit taking

MANILA, Philippines—The local stock index fell marginally on Friday as investors pocketed gains from some overbought stocks.

The main-share Philippine Stock Exchange index shed 1.65 points or 0.037 percent to finish at 4,478.36.

Despite the pullback in the last two sessions, the index is still ahead by a modest 19.62 points or 0.4 percent for this week.  The PSEi had surged to new record highs early in the week.

The mining/oil counter faltered by 2.48 percent, leading the index lower.  The industrial, holding firms and services counters also ended in the red.

The interest rate-sensitive financial and property counters, on the other hand, closed in positive territory on rising expectations that the central bank may be nearing the end of its monetary tightening cycle.

Turnover amounted to P6.52 billion.  There were 68 advancers versus 88 decliners while 36 stocks were unchanged.

The index was hit by profit-taking on Philex, Metrobank, Lepanto “A” (reserved for local investors) and “B,” SM Prime Holdings, URC, ICTSI and First Gen.  San Miguel Corp. also edged lower.

On the other hand, gains eked out by BDO, Megaworld, AGI, PLDT and Globe Telecom tempered the PSEi’s decline.  Non-index stocks Vista Land, Semirara, Belle and GERI were likewise up in heavy volume.

Shares of Vista Land have risen ahead of the announcement of Manuel Paolo Villar as its new CEO.

Overnight, US stocks traded higher as investors started to digest a string of better-than-expected corporate earnings reports and a new debt accord to help the Greek economy.