PH stocks continue to slide

SHARES:

02:40 AM March 14th, 2013

March 14th, 2013 02:40 AM

Share prices on Wednesday extended their slide to a third straight day as investors continued to book profits after the index’s recent record highs.

The main Philippine Stock Exchange Index (PSEi) shed 0.14 percent, or 9.86 points, to close at 6,776.56 points. The broader All-Shares index also slipped 0.09 percent.

In its daily note, brokerage firm 2TradeAsia said share prices succumbed to profit-taking as investors repositioned themselves at new support zones.

SM Investments Corp. led the slide as the day’s most actively traded share, falling 0.54 percent to close at P1,098 on Wednesday.

On the other hand, dominant network and former bellwether Philippine Long Distance Telephone Co. gained 0.27 points to close at P2,968.

Gaming firm Bloomberry Resorts Corp., a recent entry to the 30-company basket that makes up the main index, advanced 0.67 percent to P15.60 a share. This comes ahead of the opening of the company’s multibillion-dollar casino this weekend.

All subindices were in the red except for the financials counter, which rose 0.11 percent on the back of Bank of the Philippine Islands’ gains. The decline was led by the services sector, which lost 0.31 percent.

The day’s 71 advancers were edged out by 99 decliners, while 38 issues were unchanged. A total of 3.32 billion shares worth P10.67 billion changed hands.-Paolo G. Montecillo

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