Local stock index falters anew
MANILA, Philippines—The local stock index slipped for a second straight session on Tuesday as investors continued to pocket gains after the market’s strong run-up.
The Philippine Stock Exchange index shed 12.92 points or 0.2 percent to close at 6,394.60, still weighed down by the property counter (-1.07 percent).
Trading was mixed across counters, with the industrial and property counters ending in negative territory but overall losses curbed by the most gains eked out by the financial, holding firm, services and mining/oil counters.
Investors pocketed gains from ALI (-2.01 percent) alongside AC, URC, AGI, DMCI, LTG and Metrobank which all fell by more than 1 percent. SMPH and Globe also succumbed to the downturn.
On the other hand, the PSEi’s losses were tempered by the gains of JG Summit (+2.83 percent). Shares of PLDT, BDO, SMIC, Megaworld, FGEN and ICTSI likewise advanced.
PLDT announced on Tuesday that it had exceeded its core profit target of P38.5 billion for 2013 as actual earnings had risen by 5 percent to P38.7 billion.
Turnover for the day amounted to P11.25 billion. There were 66 advancers against 90 decliners while 47 stocks were unchanged.
Despite the overall index decline, foreign investors were in a net buying position amounting to around P1.5 billion, based on PSE data.
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