Stocks down, stays above 7k mark

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MANILA — For the first time in four days, the local stock index went down but maintained its level above the 7,000- mark.

Due to cumulative gains made in the last four days, the index advanced by 128.17 points or 1.86 percent, week-on-week.

Meanwhile, closing at 7,008.51, the Philippine Stock Exchange shed a total of 52.

49 points, or 0.74 percent.

This posts a difference on the stock’s performance on Thursday as the index finished past the 7,000 mark for the first time this year.

The finish was due to the increased weights in the closely tracked MSCI indices which benefited some of the large cap stocks in the county like PLDT and Ayala Land Inc.

Remaining as the most actively traded stock for the day, PLDT was unchanged following the MSCI-induced rally.