Stocks continue to decline

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09:54 PM November 14th, 2012

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November 14th, 2012 09:54 PM

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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