Stocks end lower
More News from Philippine Daily Inquirer
Local stocks faltered for a second straight session Friday on war jitters in the Korean peninsula, US payrolls and a new bird flu strain in China.
The main-share Philippine Stock Exchange index slumped by 56.58 points or 0.83 percent to close at 6,727.14.
For the week, the index lost 123.33 points or 1.8 percent as the earlier ascent to new record highs following the recent investment-grade rating recently given by Fitch Ratings attracted some profit-taking.
All counters ended in the red. Value turnover amounted to P7.33 billion. There were twice as many decliners (101) for every single gainer (52).
The day’s biggest index decliners were SM stocks SM Prime (-2.56 percent) and SM Development Corp. (-2.11 percent) while SMIC (-2.11 percent) and BDO (-1.83 percent) likewise slid.
Investors also dumped shares of BPI (-2.11 percent), Philex Mining (-1.39 percent), Megaworld (-1.32 percent), Metrobank (-1.3 percent), Bloomberry (-1.3 percent) and First Gen Corp. (-1.23 percent).
With most local stocks trading at expensive valuations, dealers said a correction was much needed.
Across the region, trading was mostly lower due to the concerns in Korea and a new bird flu in China and also ahead of Friday’s much-awaited US jobs data release. The Nikkei index (+1.58 percent), on the other hand, gained after a surprise monetary easing by the Bank of Japan. Doris C. Dumlao
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.
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