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Local stock index continues to slip


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MANILA, Philippines—The local stock market remained in the doldrums for the eighth straight session on Wednesday but overall losses were tempered as selective bargain-hunting emerged.

The main-share Philippine Stock Exchange index closed 6.63 points or 0.1 percent to close at 6,419.62.  The index briefly turned positive before the closing bell as some investors saw an opportunity to enter the market at cheaper levels.

The index has so far pulled back by about 447.48 points or 6.5 percent from its recent peak of 6.867.10.

On Wednesday, the financial, industrial, holding firms and services counters were still in negative territory but the mining/oil counter and property counters were back on the green.

Turnover amounted to P13.23 billion.  There were 62 advancers against 92 decliners while 45 stocks were unchanged.

Investors picked up shares of SMIC, BDO, PLDT, ALI, URC, Megaworld and SM Prime, curbing the PSEi’s decline.

On the other hand, the market sold down Metrobank, AGI, Bloomberry, BPI, MPI, JFC, Meralco and ICTSI.  Non-PSEi stocks Security Bank, Vista Land and Puregold also fell in heavy volume.

Across the region, trading was mixed as investors were still jittery over a Cyprus bail-out framework that will burden depositors.

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Tags: Business , News , Philippine Stock Exchange , Stock Market

  • M A

    I think it’ll stay at 6000 level

  • NoWorryBHappy

    Keep watch.
    When it reaches 5500, it will be time to buy again.

    • upupperclassman

      When it reaches 5500, all confidence will be gone.

      • NoWorryBHappy

        Ay, caramba !
        Then Henry Sy will no longer be in the Forbe’s List of Billionaires.

  • JohnDoeGB

    PNoy, mukhang nawala na rin ang tiwala ng mga investors sa ‘yo. Naging Malaysian ka kasi bigla.

    • ramdj11@yahoo.com

      ano pa sa palagay mo magtitiwala ang mga investor sa presidente kayo lang naman ang naniniwala kaagad dahil kulay yellow.magising na kayo lahat yan parepareho.ang kailangan ang tao ang magbago para umasenso ang pinas.

  • WeAry_Bat

    Incredible, these investors really do have sharp ears on a company’s actual or future performance.

    • upupperclassman

      Not sharp ears, it is called insider’s information.

      • WeAry_Bat

        You said it…Then it follows, they are a bunch of tsismosos tipping each off for such a group trend to appear. Not so subtle way of scrambling for the door.

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