Latest Stories

Stocks close lower

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.

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

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , stocks

  • http://pulse.yahoo.com/_BFVHG62YMHHA7AIMGDCXTNKJJI The Truth

     ”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”

    Now that it breaks the 6,300 level, this pea brain broker president should rethink his line of business including the writer of this article

  • http://pulse.yahoo.com/_BFVHG62YMHHA7AIMGDCXTNKJJI The Truth

    Tell that to the marines.. A pea brain analysis

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Tagle: Christ’s resurrection a message of hope to faithful
  • Aquino vows to intensify anti-corruption drive further
  • Unease in Vatican over cardinal’s luxury flat—report
  • Nepal calls off search for missing guides on Everest—official
  • Pope’s Easter Message ‘Urbi et Orbi’
  • Sports

  • Rain or Shine grabs No.4, sends Ginebra to 8th
  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Marketplace