Local stocks snap 4-day advance

By Maiki Oreta, ABS-CBN News

Posted at Aug 06 2010 01:02 PM | Updated as of Aug 07 2010 12:39 AM

MANILA, Philippines - Local stocks ended their 4-day winning streak, closing slightly lower on Friday, as investors cashed in on gains.

A trader said "the market was due for a technical correction."

At the close of trading, the key Philippine Stock Exchange index fell 4.93 points or 0.14% to 3,516.28.

The broader all-share index inched up 1.11 points or 0.05% to 2,229.97.

Among subindices, only the holding firm and property sectors were in green.

Losers outpaced gainers, 67 to 54, while 44 issues were unchanged.

A total of 1.11 billion shares worth P3.43 billion were traded.

Megaworld Corp. was the most actively traded stock by value, rising for the fifth straight day on Friday. It added 2.3% to a fresh 2-year high of P1.74, owing to net foreign buying.

Other property stocks also reached fresh highs.

Ayala Land Inc., which is scheduled to released first half earnings later today, gained 0.5% to a 31-month high of P15.80.

Filinvest Land, meanwhile, rose to a 30-month high of P1.18 intraday before closing down 0.8% to P1.14.