Stocks retreat on profit taking

By Maiki Oreta, ABS-CBN News

Posted at Oct 08 2010 01:10 PM | Updated as of Oct 08 2010 09:10 PM

MANILA, Philippines - Local stocks retreated on Friday as investors took profits following the market's 2-day advance.

The benchmark Philippine Stock Exchange index fell 0.2% or 8.07 points to 4,236.98.

The broader all-share index gained 0.58% or 15.52 points to 2,691.54.

Among subindices, only the industrial and holding firm sectors finished in green, while the mining and oil sector was down the most.

Losers beat gainers, 77 to 56, with 42 issues unchanged.

A total of 1.99 billion shares worth P5.74 billion were traded.

SM Investments Corp. was the most actively traded stock by value, gaining 0.2% to P536.

Second most active was Philippine Long Distance Telephone Co. The stock snapped its 4-day winning streak with a 0.9% decline to P2,736.

Third on the active list was Megaworld Corp., which gave up 2.5% to P2.36.

In the meantime, Universal Robina Corp.'s shares surged 10% to an all-time high of P46.65 following analysts' upward revisions on their target price for the stock.

The company's sister firm, Cebu Air Inc., had announced the final offer price of P125 per share for its initial public offering this month.