Index snaps winning streak on profit taking

MANILA, Philippines - Local stocks took a breather yesterday as investors locked in gains following the stock market’s recent rally.

At the Philippine Stock Exchange, the composite index declined 44.40 points or 0.70 percent to finish at 6,308.36, trimming its weekly gain to 3.19 percent.

Most actively traded stocks were Ayala Land, Universal Robina, PLDT, Leisure & Resorts and SM Investments. Top gainers were DFNN, Unioil and Macroasia, while the biggest losers were Synergy Grid, Liberty Flour Mills and Greenergy.

“Market paused for technical breathers following consecutive rallies in previous sessions,” said Freya Natividad, investment analyst at Papa Securities.

Since falling to 5.886.01 on Feb. 4, the PSEi has risen in 11 out of the last 12 trading sessions to hit a 2014 high at 6,352.76 yesterday.

The return of foreign funds helped fuel the string of gains on the back of better earnings performance of listed firms and expectations of sustained above-average economic growth.

Except for the slim gain of the mining and oil sub-index, the other counters finished in the red with the industrial sector leading the way with a decline of 1.58 percent.

Decliners edged out advancers, 98 to 61, while 45 issues were unchanged. Value turnover slumped to P7.45 billion from yesterday’s P9 billion, as 1.66 billion stocks changed hands.