PH stock index down nearly one percent

By: Doris C. Dumlao, May 17th, 2011 01:53 PM

MANILA, Philippines—Local stock prices pulled back on Tuesday as the volatile overseas equity markets induced profit-taking.

The main-share Philippine Stock Exchange index lost 39.21 points or 0.91 percent to finish at 4,261.60.

The industrial, holding firms and mining/oil counters were the most battered, declining by 1 percent, 1.84 percent and 2.55 percent, respectively.

The index was weighed down most by DMCI, PLDT, EDC and Lepanto “A.” San Miguel, Manila Mining “A”, First Gen, Atlas, Philex, Cebu Air, JG Summit, Ayala Corp. and PNB also traded in the red.

DMCI, the most actively traded stock, fell by 11.7 percent to P41.50. There has been talk since April that these companies would be included on the Morgan Stanley Capital International index starting May but on Tuesday, investors dumped its shares on disappointment over its non-inclusion.

On the other hand, ICTSI, AGI, Vista Land, URC, SM Prime, Banco de Oro and Metrobank bucked the day’s downturn.

Overnight, the Dow Jones Industrial Index was down by 47.38 points or 0.38 percent to 12,548.37 on lingering concerns over European fiscal woes.

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