Philippine stocks weaken day after SONA

By: Doris C. Dumlao, July 26th, 2011 03:00 PM

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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