PHL stocks snap five-day rally in early trades

Philippine shares ended early trades Thursday in the negative territory after investors cashed in on gains and re-balanced their portfolio following changes in composition of MSCI Global Equity Indices.   Snapping a five-day rally, benchmark PSEi dropped 93.88 points or 1.27 percent to 7298.32 after the morning session. Broader all-shares index was at 4,510.07, lower by 57.01 points or 1.25 percent. All sectoral indices ended in the red. "PSEi is down on profit-taking after reaching new highs yesterday," said Krizia Syquiatco, analyst at PAPA Securities Corp. "Investors are also adjusting their portfolio after MSCI quarterly rebalancing announcement." MSCI on Wednesday announced the results of the May 2013 Semi Annual Index Review for the MSCI Equity Indices, which will take effect on May 31, 2013. The MSCI Global Equity Indices are widely tracked global equity benchmarks and serve as the basis for over 500 exchanged traded funds throughout the world, giving investors an idea on what stocks to buy, according to MSCI.   For the Philippines, Metro Pacific Investments Corporation was added to MSCI Global Standard Indices while San Miguel Corp. was dropped.   For the MSCI Global Small Cap Indices, blue chips Megaworld Corporation and Robinsons Land Corporation were deleted, along with GT Capital Holdings Inc., Puregold Price Club Inc., and Security Bank Corporation.   Added to the small cap indices were D&L Industries, EEI Corporation, Pepsi-Cola Products Philippines Inc., RFM Corporation and San Miguel Purefood Company Inc. — KBK, GMA News