Stocks end lower

THE LOCAL stock barometer slipped for a second session yesterday to settle slightly below 6,300 as jitters over China’s property market weighed down regional markets.

The Philippine Stock Exchange index (PSEi) lost 12.04 points or 0.19 percent to close at 6,296.32, dragged down by the financial, holding firms, services, mining/oil and property counters.

Trading was upbeat in early session due to optimism on local corporate earnings but gains were eroded as regional jitters triggered profit-taking. Foreign investors who were net buyers last week turned into net sellers for the day, resulting in P2.17 billion in net outflow. Value turnover for the day was heavy at P10.2 billion. Despite the profit-taking on large-cap stocks, there was a rotation of funds to the broader market. As a result, there were 82 advancers that edged out 73 decliners while 57 stocks were unchanged.

Investors pocketed gains from ALI, AGI and AC, which all fell more than 1 percent, while SMIC, BDO and Metrobank also contributed to the decline.

On the other hand, Megaworld and DMCI gained more than 2 percent. SM Prime, PLDT, Jollibee, Semirara and EDC also advanced.

Outside of main index stocks, Meralco rose 3.3 percent on news of its return to

the 30-company PSEi starting March 17. The electricity utility will replace Manila Water, which fell 3 percent. (Please see story on page B3.)

Meanwhile, Lucio-Cosco and Puregold both gained 2.9 percent after they were among the five companies in the PSEi’s “reserve” list and have been buoyed by a strong local consumer play.