Stocks pare losses

A+
A
A-

Local stocks slipped on Wednesday but pared down losses in early trade to allow the main index to stay afloat 6,300.

The main-share Philippine Stock Exchange index shed 18.84 points or 0.3 percent to close at 6,308.18 in thin trade. Despite closing in negative territory, the index bounced from the 1.26-percent decline at end of morning session.

All counters ended lower, led by the mining/oil (-2.14 percent) as well as services and property counters, which both fell more than 1 percent.

Value turnover for the day was still scant at P4.55 billion. There were only 44 advancers, which were overwhelmed by 107 decliners.

Dealers said the local stock market was still technically bearish especially after the main index failed to sustain a recovery above the 6,500 level.

The day’s biggest index decliners were Megaworld (-3.98 percent), Philex (-3.49 percent) and Metro Pacific Investments Corp. (-3.43 percent) while Globe, Bloomberry and Jollibee slumped more than 2 percent. Ayala Land, Belle, Meralco and Alliance Global Inc. all lost more than 1 percent.

Meanwhile, the index stocks that helped offset the PSEi’s decline for the day were Aboitiz Power, SM Investments, JG Summit, BPI, SMC, Petron and Robinsons Land.

Across the region, stock markets were mostly higher as anticipation of good second-quarter US corporate results offset jitters over weak exports data in China. 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.

  • Penoy

    And then a big drop….

  • UrHONOR

    STEADY, steady…..stay the course….steady.

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