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Philippine stocks weaken day after SONA


MANILA, Philippines—Local stocks fell on Tuesday due to prolonged debates on the US borrowing limit and lack of market-moving news from President Benigno Aquino III’s State of the Nation Address .

The main-share Philippine Stock Exchange index lost 14.63 points or 0.33 percent to 4,465.87.

Trading was mixed across counters, with the financial, industrial and holding firm counters losing ground while the services and mining/oil counters staying afloat.

On Monday, investment guru Mark Mobius said the Philippine stock market was getting very expensive but that there were still opportunities in the services and commodities sectors.

Value turnover was thin at P4.31 billion.  There were 53 advancers versus 79 decliners while 49 stocks were unchanged.

The index was weighed down by Aboitiz Power, Metrobank and AEV. Non-index stocks Semirara, San Miguel Corp. and Leisure & Resorts also traded in the red.

PLDT led the services counter to a positive close.  Other index gainers were Megaworld, EDC, Banco de Oro, Philex, Lepanto “A” (reserved for local investors) and ICTSI.  The non-index stocks that went up in heavy volume were Basic Energy, Vista Land, GERI, ORE and Zeus Holdings.

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Tags: Benigno Aquino III , Business , Local stocks fell on Tuesday due to prolonged debates on the US borrowing limit and lack of market-moving news from President Benigno Aquino III's State of the Nation Address. , SONA 2011 , Stock Activity , Stock Market

  • Anonymous

    Can it be that Chinese businessman doesn’t want to invest more because Philippines is asserting its territories? Or, the report says the stock market is getting more expensive…is the element of greed in society affects another aspect of our country i.e., the stock market.

    Why won’t the stock market get the funds of OFWs? They are Filipino investors on Filipino soil. You don’t even have to trade dignity from foreigners anymore. I am not against foreigners but OFW money is existent and this is something we can capitalize on without depending on others. Time to stand on our feet or learn how to…

    • Anonymous

      It’s because Filipinos dont have a clue how stocks work. See your post, Renato. If you really wanted to bring out our markets from the hands of foreigners, the least you can do is understand how it works and how you can do your part instead of blathering randomly about what to do without understanding what needs to be done.

      • Anonymous

        yeah i have this week spot in stocks but i did invest on it…trading… i almost got into the trading initially when stocks trades were just introduced…i also worked from treasury but not as indepth of trading in itself…as i only worked in banks for 7 years including Treasury. yeah it would be like blabbering…as stocks are affected by hearsays…like a story of a politician that a company is not doing well only ending up that he is the one buying its stocks…including time to buy and time to sell using different techniques comparing with quarterly trends but there is really no definite forecasting available is isn’t it?

        what i am after is the fund of OFW, I am an OFW myself, if you can make one investment area where you can invite them to join in…instead of bloating our real estate investments in the country…the creation of an investment program for OFWs…

  • Anonymous

    It must be so easy to write these articles. You just have to

    1. Get the current figures of the day
    2. Check the front page of the newspaper
    3. Attribute whatever’s there as the cause of the rise or fall of stocks. If the stocks fall, find something negative. If the stocks rise, find something positive.

    Point of the matter is, what causes the stocks to rise and fall cannot be attributed to just one single thing.

  • http://www.facebook.com/people/Leodegardo-Pruna/100000668583781 Leodegardo Pruna

    The Philippine stock market should not have been mentioned in the SONA because of its volatility. It can change any moment. Words alone from the President can influence a change. How can P-Noy now defend his statement expressed in his SONA? He has to wait another year for the next SONA. Again, this shows the caliber of the people around him. God bless the Philippines.

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