PSEi falls below 6,500

A+
A
A-

MANILA, Philippines–Local stocks saw a bloodbath for the sixth straight session on Monday, dragging down the main index back to the 6,500 level, as fresh jitters in the euro-zone shook up regional markets.

The main-share Philippine Stock Exchange index tumbled by 118.42 points or 1.78 percent to close at 6,536.18.  The index has so far pulled back by 330.92 points or 4.8 percent from its recent all-time high of 6,867.10 points.

This developed as a peculiar bailout proposal for Cyprus revived concerns on the euro-zone.  Euro zone finance ministers want Cyprus’ depositors to give up 9.9 percent of their deposits in exchange for a 10-billion euro aid package. It is the first time in this fiscal contagion that savers were asked to shoulder part of the bailout which investors fear could be a dangerous precedent.

A pause in Wall Street’s 10-day winning streak also intensified risk-aversion across the region.

All counters were in the red but the most battered were the property (-2.88 percent) and holding firm (-2.81 percent) counters.

Value turnover amounted to P9.77 billion.  There were four times as many decliners (136) as there were gainers (34).

“With today’s breakdown of 6,650 levels, the drop accelerated, highlighting more weakness ahead towards 6,000-6,250,” said Jonathan Ravelas, chief strategist at Banco de Oro Unibank.

Ravelas said it would be good to re-enter the market at around 6,200 levels just in time for the first quarter earnings stream.  “At the moment, (there’s) no news to spark rally),” he said.

Investors sold down shares of BDO, Ayala Corp., Ayala Land, PLDT, URC, SMIC, Megaworld, AGI, EDC, Bloomberry, Petron, SM Prime, JG Summit, DMCI, MPI and Meralco.  Second-liners GT Capital, Vista Land and Puregold likewise succumbed to profit-taking.

One of the few that bucked the day’s downturn was Metrobank, which rose by 1.65 percent in heavy volume after the bank announced a 30-percent stock dividend to form part of a P50-billion hike in authorized capital.

“PSE index stocks can continue to consolidate.  It’s going to be a stock picker’s game for the next few days,” said First Metro Asset Management Inc. president Gus Cosio.

Inquirer Viber

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • http://pulse.yahoo.com/_BL2GYU35SO6HTJUEAUTXS3QFYM George Lapulapu

    pag bumaba ang stocks, external factors– euro-zone shook up regional markets
    pag tumaas, confidence sa administration—daang matuwid
    ..this means, the market dont give a d@mn if PNoy retian all his hairs as long as the external factors are stable!!!!

  • http://profile.yahoo.com/SPLUBLEOSERDBOIJTDOC6XIWGU mxsclxmxn

    Satan’s Synagogue as per Pope Clement XII year 1738

    In the P100 BILL series 2012 Serial # ZK188477 has a logo of the Grand Lodge of Free and Accepted Masons. Freemasonry has its goal of destroying Christendom and replacing it with man-centered government and Satanic religion filled with errors.

    How can this logo of a satanic group be allowed to print in the monetary instrument of the country with the constitution believing in a God asking for HIS Divine Providence?

    In Freemasonry the god of the secret societies is covertly substituted for the One True God. This false god is identified in the Masonic lodges as “the Great Architect.”

    Since Freemasonry has attempted so strenuously to claim that they are just a “good ole boy” fraternity that does good works and has a good time, most people will be shocked to learn the bitter truth behind that facade. Freemasonry certainly isn’t “free”. It could cost you your soul.

    Once Masons progress to the higher degrees and they finally believe the ‘Masonic lie”; and they will ‘understand’ that the Grand Architect of the Universe is not the God of the Old or New Testaments, but instead is the perfect dues paying Mason in good standing, who like the statue example above, they chipped away at, and finally shed needless ‘layers’ from both their old useless religion, and from loyalties outside of Masonry, which all along were what concealed them from their own personal true image, as the one and only real God.

    Freemasonry is one of many apostate religions dedicated to the destruction of traditional Judaism and Christianity. Those who aspire to grow in their closeness to Jesus Christ, and to increase their discernment in these days, would do well to stay very clear of Freemasonry. Are your loyalties with Jesus Christ or are they with the lodge? Both are diametrically opposed to one another as you will see below.

    Masons have mixed idolatry, paganism, the occult, Gnosticism, Kabala, fertility cults, Satanism, spiritualism, demonology, and put it into a blender and come up with the Masonic religion. It is not of God! It is a false religion; the Harlot of Babylon. Masons say they offer new candidates “the light”. The light they are actually giving is: Lucifer. The Christian Bible says that Satan walks to and fro on this earth masquerading as an “angel of light”, that many might be deceived.

    An insidious byproduct of Freemasonry is to keep husbands and wives out of churches & away from their children and their homes…

    Satan does not need to receive worship to achieve his goals. All he has to do is to keep a man from following Jesus. Satan knows that anyone who does not follow in the teachings of Jesus does not have God. (2 John 9)

    • Diepor

      OMG Your mind is twisted. I will pray for your lost soul.

    • marienkind

      Lol. I like what you’re smoking.

    • http://profile.yahoo.com/ZUGKMNYSK2ZSSS4B2LVNDWP5XM lagalag

      Mixed of Tequila, Brandy ,Vodka, beer and wine.That’s why your hallucinating.hahahah

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

editors' picks

advertisement

popular

advertisement

videos