Stocks end 4-day gains amid profit taking
MANILA, Philippines - Investors opted yesterday to pocket gains following a four-day run-up that brought the main index to a 14-month high.
The Philippine Stock Exchange index declined 0.74 percent or 52.49 points to 7,008.51, while the broader all shares index dropped 0.77 percent or 32.48 points to 4,168.32.
The four-day rally proved to be tempting for profit takers. On Thursday, the bellwether index closed at 7,061, its highest since ending at 7,228.57 on May 29, 2013.
Blue chips like Alliance Global Group Inc. (-3.35 percent), BDO Unibank Inc. (-0.22 percent) and Metrobank (-0.63 percent) dragged the main index. Puregold Price Club Inc. (-8.73 percent) and parent firm Cosco Capital Inc. (-5.52 percent) were dumped yesterday amid lower-than-expected earnings of the country’s second grocery chain in the first half.
In contrast, markets abroad welcomed the reconciliatory remarks of Russian president Vladimir Putin regarding Ukraine. On Thursday, the Dow Jones industrial average gained 0.37 percent or 61.78 points to end at 16,713.58, while the broader Standard & Poor’s 500 index rose 0.43 percent or 8.46 points to 1,955.18.
Closer to home, Asian stocks were buoyed by hopes of stimulus package amid weak economic data. Japan’s Nikkei 225 inched up 0.02 percent or 3.77 points to 15,318.34, while Hong Kong’s Hang Seng index added 0.62 percent or 153.58 points to 24,954.94.
Locally, all counters were in the red, led by mining and oil that shed 1.17 percent or 204.78 points to 17,311.25.
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