InterAksyon.com means BUSINESS
MANILA – (UPDATED 5:46 p.m.) Philippine stocks went sideways for a third straight session on Friday as the market succumbed to profit-taking.
At the Philippine Stock Exchange, the composite index shed 9.74 points to close the week at 5,246.410.
Except for the financial and services sub-sectors, all other counters ended the week in the green.
Jose Vistan, senior research manager at AB Capital Securities, said it was the last day of the month and the last chance for fund managers to do their window-dressing, especially with the PSEi nearing record levels achieved a few weeks ago.
Gainers beat decliners, 111 to 60, while 34 stocks were flat. About 3.033 billion shares worth P43.9 billion changed hands.
The huge value turnover could be traced to the block sale that transpired late Friday when San Miguel Corp. chairman Eduardo "Danding" Cojuangco sold his remaining stake in the conglomerate to his trusted lieutenant and the company’s chief operating officer, Ramon S. Ang, at a huge discount.
Local players largely ignored global sentiment, as other markets rose sharply after European leaders threshed out a strategy to stem a worsening debt crisis.
They agreed that banks that use the euro could be recapitalized without adding to government debt, allowing lenders to tap a rescue fund and soothing fears over growing credit strains in Italy and Spain.
InterAksyon.com means BUSINESS
BUSINESS NEWS
