Philippine Daily Inquirer
4:36 am | Wednesday, March 13th, 2013
Most local stocks dropped for a second session Tuesday as investors continued to lock in gains from the recent rally.
The main-share Philippine Stock Exchange index shed 27.53 points, or 0.4 percent, to close at 6,786.42, tracking a similar correction seen by most markets in the region.
Most counters were in the red, but the steepest decline was incurred by
mining/oil (-1.7 percent).
Value turnover was heavy at P18.24 billion. There were twice as many decliners for every single gainer.
Bloomberry (-4.1 percent) succumbed to profit-taking after a steep rise ahead of its March 11 entry into the PSEi. JG Summit (-3.88 percent), Belle (-3.28 percent), Belle (-3.28 percent), Megaworld (-2.56 percent) and First Gen (-2.48 percent) also contributed to the decline.
PLDT, Ayala, ALI, MPI, BDO, SM Prime and URC also fell on Tuesday.
On the other hand, the day’s decline was tempered by gains eked out by SMIC, AGI, Metrobank, Petron and AP.—Doris C. Dumlao
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