Philippine stocks dip in cautious trading

MANILA, Philippines—Local stocks closed slightly lower Wednesday as investors remained cautious given the volatile external environment.

The main-share Philippine Stock Exchange index (PSEi) shed 6.79 points, or 0.18 percent, to finish at 3,823.13.

Trading was mixed across counters, with the industrial and services firms ending in the red while modest gains by the financial, holding firm, property and mining/oil counters tempered overall index decline.

Turnover improved to P6.26 billion. Despite the overall index decline, there were 75 advancers against  59 decliners while 38 stocks were unchanged.

The index was dragged down by selling on SM Investments, PLDT, EDC, ICTSI, Metrobank, AEV and URC.  Security Bank also closed lower.

On the company’s stock trading debut, Puregold shares slumped by 12 percent to P11 per share from the initial public offering price of P12.50 per share.

The PSEi’s decline for the day was curbed by the improvement in the share prices of DMCI, AGI, Ayala Land, BPI, BDO and Aboitiz Power. The non-index stocks that gained for the day were Lepanto A (for local investors), FPH, Boulevard Holdings and Lepanto B (for both local and foreign investors).

Overnight, the Dow Jones Industrial Index rebounded by 153.41 points, or 1.44 percent, in volatile Wall Street trade.  Its futures index, however, was down by 25 points Wednesday afternoon.