Stocks fall on profit-taking, end 6-day advance

Local stocks succumbed to profit-taking Friday after six consecutive days of gains.

The 30-company Philippine Stock Exchange index (PSEi) declined by 64.28 points, or 1.01 percent, to close at 6,321.24, while the broader all-shares index slipped 18.38 points, or 0.54 percent, to settle at 3,400.83.

China Bank Capital managing director Juan Paolo Colet said the selling was driven by reports that Union Bank of the Philippines (UBP) would be removed from the PSEi and the overnight placement of shares by Bloomberry Resorts Corp.

The Philippine Stock Exchange reported that UBP would be taken out from the main composite index starting Oct. 4, while Bloomberry said it would sell up 559 million shares at P10 apiece.