Tuesday, April 24, 2018
Close  
  • share this

Stocks close lower

/ 10:27 PM January 31, 2013

Local stocks closed a bit lower Thursday, even though it set a new intraday record, as investors locked up gains after the government announced a 6.8-percent local economic growth rate for the fourth quarter of 2012.

The main-share Philippine Stock Exchange index closed 28.49 points, or 0.45 percent lower, at 6,242.74, breaking a five-day winning streak.

The index pulled back from the day’s peak of 6,332.27—a new record high—as the latest growth report only slightly exceeded government forecasts.

ADVERTISEMENT

The financial and services counters were the most battered, as profit-taking intensified in the afternoon.

Value turnover was large at P12.44 billion.

There were 62 advancers against 106 decliners, while 44 stocks were unchanged.

The day’s decline was triggered by profit-taking on Metrobank, PLDT, Meralco, Megaworld, MPI, Globe and BPI.

On the other hand, gains eked out by ALI, Ayala Corp., SMIC, BDO, SMC, EDC, URC and AEV tempered the PSEi’s decline.

The 6.8-percent gross domestic product growth for the fourth quarter was better than the expected 6.3 percent consensus for the period. But this was not enough to excite the market, according to Eagle Equities president Joseph Roxas.

“The public does not know the consensus,” Roxas said.

He added that what was given more weight was the fourth quarter figure was lower than the revised growth of 7.2 percent for the third quarter of 2012.  Doris C. Dumlao

ADVERTISEMENT

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, stocks
For feedback, complaints, or inquiries, contact us.
newsinfo

DILG to Cagayan LGU: Shape up or lose P90M

April 25, 2018 05:07 AM

opinion

Lapu-Lapu, national hero

April 25, 2018 05:07 AM

sports

Alab sets sights on 2-0 cushion

April 25, 2018 05:06 AM

opinion

Dance for the brain

April 25, 2018 05:06 AM

newsinfo

Removal of boy’s kidneys ‘drastic’ move

April 25, 2018 05:06 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved