Local stocks end lower on profit taking


Posted at Aug 13 2010 01:30 PM | Updated as of Aug 13 2010 11:07 PM

MANILA, Philippines - Local stocks ended lower for the third straight session on Friday due to profit taking following Wall Street's decline overnight.

The benchmark Philippine Stock Exchange index fell 0.4% or 14 points to 3,470. This brought the market's week-on-week loss to 1.3%.

The broader all-share index, meanwhile, declined 0.2% or 6 points to 2,204.

Except for the industrial and financial sectors, all subindices were in red. The property sector was down the most as it lost 0.9%.

Market breath was, however, positive, with advancers beating decliners, 67 to 54. There were 36 issues unchanged.

A total of 954 million shares worth P3.2 billion changed hands.

Philippine Long Distance Telephone Co. was the most actively traded stock by value, gaining 0.1% to P2,446.

Rival Globe Telecom Inc. extended its losing streak for the ninth straight day as it shed 1.5% to a fresh 15-month low of P773. Globe's share price has been falling due to bleak earnings outlook for the company.

In the meantime, holding firms Alliance Global Group and DMCI Holdings were also actively traded.

Alliance Global rose 0.5% to P6.20 while DMCI retreated 1.5% to P20.35.