Philippine stocks dip on lingering global woes
MANILA, Philippines—Most local stocks dipped in lackluster trade on Tuesday, tracking cautious regional markets amid lingering global growth woes.
The main-share Philippine Stock Exchange index shed 0.43 points, or 0.01 percent, to close at 5,325.17, returning to the doldrums after Monday’s bounce.
After boosting the index in the previous session, the property counter succumbed to profit-taking, declining by 1.65 percent and dragging the main index the most.
Services and mining/oil counters likewise ended lower.
On the other hand, modest gains by the financial, industrial and holding firm counters tempered the day’s losses.
Value turnover was very low at P3.88 billion. There were 66 advancers, which were overwhelmed by 85 decliners, while 43 stocks were unchanged.
The biggest index decliners were ALI (-2.86 percent), SM Prime (-1.12 percent) and Belle Corp. (-1.05 percent). PLDT, DMCI, BPI and SMC “A” also contributed to the decline.
On the other hand, the biggest index gainers were URC (+2.49 percent), Metrobank (+1.65 percent), SMIC (+1.1 percent) and AGI (+1.02 percent). BDO, SM JG and Philex also contributed small gains.
Among the second-liners, one out-performer was Bloomberry (+4.59 percent) while FPH and Tanduay also moved higher in relatively heavy trade.
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.
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