MANILA, Philippines - Local stocks finished lower on Friday as investors took a breather from a 4-day advance.

The Philippine Stock Exchange composite index fell 3.72 points or 0.12% to 3,097.23.

The broader all-share index rose 0.98 points or 0.05% to 1,945.48.

Losers thumped gainers, 56 to 37, while 67 issues were unchanged.

A total of 850 million shares worth P2.96 billion were traded.

Market heavyweight Philippine Long Distance Telephone Co. led the market's decline, dropping P30 or 1.16% to P2,550.

Geothermal power firm Energy Development Corp., on the other hand, went down P0.05 or 1.05% to P4.70.

Bucking the downtrend were Metro Pacific Investments Corp. (MPIC), which rose P0.15 or 5.08% to P3.10, and Ginebra San Miguel Inc., which ended up P1 or 4.7% at P22.50.

At early trade, MPIC rose to as high as P3.15, its highest level since early November 2009, on anticipation that the firm will win a bid for the 246-megawatt Angat hydroelectric power plant.

Investors are betting MPIC's earnings will be boosted if its joint venture with conglomerate Ayala Corp. and power producer First Gen Corp. secures the plant, which the government is sellling.

Meanwhile, shares of Ginebra, a unit of diversifying conglomerate San Miguel Corp., jumped sharply ahead of a possible sale.

"Ginebra is one of those companies that San Miguel was planning to sell. Since it is majority owned by San Miguel, if it's sold at a premium, there could be a tender offer," said an analyst at a local brokerage.

A tender offer is triggered in the Philippines if a company buys more than 35% stake in another firm, requiring it to make an offer for the remaining shares.

Media reports have said San Miguel is planning to sell Ginebra to another subsidiary, San Miguel Brewery Inc. With reports from Reuters