Stocks down 0.4%

By Maiki Oreta, ABS-CBN News

Posted at Oct 11 2010 01:50 PM | Updated as of Oct 11 2010 09:50 PM

MANILA, Philippines - Stocks fell on Monday on continued profit taking.

But traders noted the market has not had "a substantial correction" yet, and any decline is a buying opportunity.

By the end of the session, the key Philippine Stock Exchange index was down 0.4% or 18 points to 4,219.

Except for the holding firm and mining and oil sectors, all subindices finished in red.

Losers outpaced gainers, 90 to 46, while 35 issues were unchanged.

Value turnover reached P5.12 billion.

Aboitiz Power Corp. was the most actively traded stock by value, adding 2.7% to a record high of P24.80.

Second most active was SM Investments Corp., which gave up 0.1% to P535.50.

Philippine Long Distance Telephone Co. was the third most active. It snapped a 4-day winning streak with a 0.2% decline to P2,730.