Share prices decline as investors pocket gains

LOCAL share prices yesterday closed lower as some investors pocketed gains.

The main-share Philippine Stock Exchange index gave up 4.05 points, or 0.06 percent, to close at 6,800.11. Across the region, trading was likewise sluggish due to profit-taking.

After loading up stocks ahead of the second quarter corporate reporting

season and in the aftermath of President Aquino’s third State-of-the-Nation address, investors were seen to exercise caution.

The holding firm, services, mining/oil and property counters ended lower, while the financial and industrial counters managed to post modest gains.

Value turnover amounted to P7.58 billion. There were 85 advancers against 75 decliners, while 40 stocks were unchanged.

The most battered stocks were those of Ayala Corp. (-4.22 percent) and SMC (-2.3 percent). Semirara, RLC, URC, SM Prime, ALI, SMIC, PLDT and BDO also contributed to the day’s decline.

On the other hand, the PSEi’s decline was tempered by the gains of Belle, Jollibee, Meralco, JG Summit, MPI, BPI, Petron, Bloomberry, Philex and Globe.

Local stock brokerage DA Market Securities said the PSEi’s next resistance would be at 6,863, which would represent a 20-percent rise from the bottom mark of 5,678.