(UPDATE) Stocks decline on profit-taking

MANILA, Philippines (Xinhua) - Profit-taking after the index breached the 7,000 level pulled down the stock market today.

The bellwether Philippine Stock Exchange index lost 0.74 percent or 52.49 points to 7,008.51, while the broader all-share index retreated by 0.77 percent or 32.48 points to 4,168.32.

Trading volume reached 1.96 billion shares worth P9 billion ($206.09 million) with 120 stocks declining, 55 advancing and 49 were unchanged.

All six counters were down.

"Global equities generally ended positive throughout the week on the back of a possible deescalation on the Russia-Ukraine crisis after Moscow agreed to send in humanitarian aid to Eastern Ukraine," Joyce Anne Ramos of AB Capital Securities, Inc. said in her daily stock market comment.

This allowed the Philippine equities to climb up throughout the week and to close above the 7,000 level for the first time since May last year.

For the entire week, the index gained 128.17 points with the service sector gaining the most.

Ramos added that for next week, she expects corporate earnings and foreign updates to remain as the market catalysts.

"Cautious stance will mostly be observed by the investors," she said.

Stocks in the 30-company index were mostly down. These include Alliance Global Group, Inc., Ayala Land, Inc. and Bloomberry Resorts Corp.