Stocks continue to decline

Local stocks tumbled for a second session Tuesday as Wall Street jitters arising from the Boston Marathon explosions added to global growth and local valuation concerns.

The main-share Philippine Stock Exchange index shed 51.44 points or 0.75 percent to close at 6,786.33. All counters were in the red but the sharpest declines were incurred by the mining/oil (-2.26 percent) and property counters (-1.22 percent).

Value turnover amounted to P8.95 billion. There were 42 advancers as against 115 decliners while 46 stocks were unchanged.

Joseph Roxas, president of Eagle Equities Inc., said the recent Boston explosions had some impact on sentiment “but it’s more of indirect effect because of the Wall Street (decline).” The Dow Jones industrial average lost 1.79 percent overnight due to the Boston explosions.

At the same time, valuation concerns at the local equity markets tempted some profit-taking especially given concerns on China’s economy.

The day’s biggest index decliners were Globe (-2.95 percent), Philex (-2.94 percent) and Ayala Land (-2.25 percent) while Semirara, ICTSI, Bloomberry, Aboitiz Power, DMCI, Petron and First Gen also dragged down the index. Doris C. Dumlao

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  • http://www.facebook.com/jenny.santilleces Jenny Santilleces

    isipin mo nalang na ang mga fund managers paranoid lng most of the time. lahat ng klaseng news nag rereact sila kaya wala ng bago sa pag baba at pag taas ng stocks. anyway, overvalued na din naman ang prices sa PSEi so ok lng na magkaroon ng mga profit takings.

  • pubringjuandelacruz

    ano ba yan, mahal pa rin ung gusto ko bilhan ng shares… i should have bought stocks where the index was just below 4K at mura pa ung mga shares.

  • Brax82

    NO?YTArDZ Defend! HEHEHE

    • pubringjuandelacruz

      kasalanan ni pnoy ang boston marathon bombing. (period!)

      • Brax82

        Wag kang ganyan, baka isisi nya nnman kay GMA pag na corner sya. Tsk tsk.

    • http://www.facebook.com/profile.php?id=1711094250 Winzum Daoas

      That,s how stocks work. Sometimes they fall and sometimes they rise, depending on the international and local news. The blast in Boston affected the PH stock market since the US is one of the PH’s major trading partners and Boston is a major US city. The benchmark for stock performance is for a longer period of time like annual or semi-annual periods.

      • Brax82

        Whaterver u say Tard. ;)

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