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Stocks continue to decline

Share prices slipped for the second straight day Wednesday as bargain hunting helped offset the effects of a bigger correction and lingering concerns over the Chinese and Greek economies.

The benchmark Philippine Stock Exchange index (PSEi) lost 4.83 points or 0.09 percent to close at 5,451.09 even as the all-shares index gained 2.27 percent or 0.06 percent.

Online brokerage firm 2TradeAsia.com said investors continued to be selective “amid gyrations in overseas markets.”

The firm added that repositioning by investors for 2013 bets helped lend support to the main index. Attempts to test fresh record highs are expected again this week.

Tycoon Henry Sy’s SM Investments Corp. was the day’s most active stock, losing 4 points or 0.49 percent. Alliance Global Group Inc. gained 0.80 percent and was the day’s second most-active after announcing record quarterly profit on Tuesday.

Trading volume was heavy with 6.1 billion shares changing hands for P6.2 billion. Advancers, at 81, outnumbered the day’s 67 decliners while 51 issues were unchanged.

Subsectors were mixed, with industrial firms gaining 0.49 percent. The holding firms and mining/oil counters were also in the green.

Meanwhile, the service sector lost 0.71 percent as market heavyweight Philippine Long Distance Telephone Co. continued its losing streak, shedding 1.54 percent. Paolo G. Montecillo

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Tags: Business , Philippine stocks , PSE , Stock Market

  • http://pulse.yahoo.com/_NGNJN677R6HABULRKUCIK4XEOE Jack Jones

    correction, AGI down -.79%. please make an accurate report.

  • jurbinsky77

    And the Filipinos are very happy, the Philippine economy is suffering.

    Everythng for these lazy dudes is political in nature and can only be explained through politics and governance.

    And they are not ashamed of their stupidity, sheezz.

  • kismaytami

    Now, this is the real news.

  • http://twitter.com/alfs_alfs Pons Corpuz

    That’s a normal cycle in the stock market, besides, does 0.09% decline or for this case, a two straight days of decline really matter? 

    But for the sake of arguing the shallow logic of the first two commenters, stock market of US recently closed 1.4% lower (DOW and S&P500). If that’s the case, Philippines should be 15 times better than US. Again, that’s following their logic. hehehehe.

  • Cal_Reznick

    This is definitely not good news for the Administration…what say you, Mr. President??

  • spitfire

    Really? Thanks to the “rising tiger” economy.

    • http://twitter.com/alfs_alfs Pons Corpuz

      0.09% drop tapos ganyan ka na mag-isip? If you can tell me an stock market in the world, even the richest countries and most tiger countries in the world whose stock market does not decline in a couple of days, I would try to consider my assumption that you are not an i***t.

      • Diablo_III


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