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PH stocks end lower by 1%

By Doris Dumlao
Philippine Daily Inquirer
First Posted 13:46:00 05/17/2011

Filed Under: Stock Activity, business

MANILA, Philippines?(UPDATE) Local stocks prices pulled back on Tuesday as the volatile overseas equity markets induced profit-taking.

The main-share Philippine Stock Exchange index lost 39.21 points, or 0.91 percent, to finish at 4,261.60.

The industrial, holding firms and mining/oil counters were the most battered, declining by 1 percent, 1.84 percent and 2.55 percent, respectively.

The index was weighed down most by DMCI, PLDT, EDC and Lepanto "A." San Miguel, Manila Mining "A," First Gen, Atlas, Philex, Cebu Air, JG Summit, Ayala Corp. and PNB also traded in the red.

DMCI, the most actively traded stock, fell by 11.7 percent to P41.50. There has been talk since April that these companies would be included on the Morgan Stanley Capital International index starting May but on Tuesday, investors dumped its shares on disappointment over its non-inclusion.

On the other hand, ICTSI, AGI, Vista Land, URC, SM Prime, Banco de Oro and Metrobank bucked the day's downturn.

Overnight, the Dow Jones Industrial Index was down by 47.38 points or 0.38 percent to 12,548.37 on lingering concerns over European fiscal woes.

Justino Calaycay Jr., a dealer at Accord Capital Equities Corp., said that based on technical readings, the slide might continue through the next couple of sessions. He noted that poor earnings numbers from Jollibee and GMA 7 might have raised concerns over incoming data from other listed firms.

On a positive note, however, the dips shown were not as wide as it was in the previous day?s trading.

?The index will test the 4,250 support, and due to absent fresh positive leads, particularly from Europe and the US, specifically on the Greece debt and debt limits, respectively, we may be looking at a further slide toward the major support line of 4,170,? Calaycay said.



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