MANILA, Philippines–Local stocks dipped on Tuesday, dragging back the main index below 6,600, as investors consolidated gains after a three-day run-up.
The main-share Philippine Stock Exchange index slipped by 36.4 points or 0.55 percent to close at 6,583.55 amid regional trading across the region.
The biggest decliners were the industrial and holding firm counters, which both fell by over 1 percent. On the other hand, the services and property counters managed to post marginal gains.
Trading for the day was thin at P6.5 billion. There were 56 advancers which were eclipsed by 90 decliners while 41 stocks were unchanged.
The day’s biggest decliner was SMC (-6.84 percent), followed by Meralco (-4.08 percent). AGI, FGEN and SMIC were all down by over 2 percent while AEV and AP fell by over 1 percent. Metrobank, URC and SM Prime also contributed to the day’s decline.
On the other hand, the day’s decline was tempered by the gains eked out by PLDT, Megaworld, Bloomberry, ICTSI, Belle and Jollibee. BPI, Petron and JGS also firmed up.