Philippine stocks skid on profit-taking

The Philippine stock market failed tumbled on Friday despite Wall Street's extended rally.
The bellwether Philippine Stock Exchange index retreated by 0. 43 percent, or 30.91 points, to 7,205.72, while the broader all- share index tumbled by 0.42 percent, or 18.11 points, to 4,243.68.
Trading volume reached 4.44 billion shares worth 9.46 billion pesos (210.06 million U.S. dollars) with 121 stocks declining, 57 advancing, and 51 unchanged.
Online brokerage 2TradeAsia.com said investors are checking if the selling pressure will prevail.
"Cracks below 7,200 might trigger caution, as bargain shoppers heed for the next stable base to pick-up large-cap bargains," 2TradeAsia.com said.
It noted that the local bourse's losses were tempered by slower inflation in October and considerations to raise the minimum public float among listed stocks. Inflation in October eased to 4. 3 percent from the previous month's 4.4 percent.
The online brokerage advised investors to buy gradually on dips as immediate support is seen at 7,100.
It was mostly a roller coaster ride for the local equities this week. After closing above the 7,300 level on Tuesday, it fell back to the 7,200 level and ended the week with a loss of 0.13 percent.
Stocks in the 30-company index closed mixed. Investors picked up shares of heavyweight Philippine Long Distance Telephone Co. and Ayala Corp. but sold down SM Prime Holdings, Inc. and Bloomberry Resorts Corp.