Market takes breather from 6-day climb

MANILA, Philippines - The local bourse took a breather yesterday as investors pocketed gains from a six-day climb that brought the bellwether index back to the 6,100 territory.

The Philippine Stock Exchange index (PSEi) dropped 0.17 percent or 10.59 points to 6,101.72, while the broader all shares index eased 0.12 percent or 4.41 points to 3,698.69.

“The PSEi, which escaped the bear’s paw in Wednesday’s trading, met a stiffer challenge yesterday,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.

The main index slipped at the opening bell that continued well into the afternoon session, Calaycay said.

Retreats were across the board, with Wall Street and Asian markets also ending in the red. On Wednesday, US markets fell due to weak earnings reports from companies like consumer goods giant Procter & Gamble and tobacco firm Lorillard.

The Dow Jones industrial average declined 0.2 percent or 30.83 points to 15,963.94 while the broader Standard & Poor’s 500 index shed 0.1 percent to 1,819.26.

Investor participation eased, with P5.14 billion worth of shares changing hands from P7.86 billion on Wednesday. Decliners outplayed advancers, 73 to 63, while 57 stocks did not change.

Most active issues suffered from profit taking, led by top-traded Metrobank (-0.56 percent), SM Prime Holdings Inc. (-2.26 percent) and Megaworld Corp. (-2.83 percent). However, better-than-expected earnings carried Universal Robina Corp. (+0.16 percent) and parent firm JG Summit Holdings Inc. (+4.13 percent).