Local stocks retreat over weak US manufacturing data

MANILA, Philippines—Local stocks retreated from an all-time high on Tuesday as the euphoria over a US debt accord that averted a US sovereign default was replaced by concerns over weak US manufacturing data.

The main-share Philippine Stock Exchange index gave up 9.3 points or 0.2 percent to finish at 4,541.23.

The index was weighed down most by the industrial, holding firms, property and services counters. On the other hand, the financial and mining/oil counter stayed afloat as some of their largest players recently posted robust second quarter results.

Value turnover amounted to P5 billion. There were 71 advancers which were narrowly edged out by 75 decliners while 44 stocks were unchanged.

Metrobank, EDC, BDO, Philex, SecurityBank, URC and PLDT weighed down the index.   On the other hand, gains eked out by AGI, Lepanto “A” (open to local investors) and “B” (open to local and foreign investors), Globe Telecom and Manila Mining “A.”

Overnight, the Dow Jones Industrial Index shed 10.75 points or 0.09 percent to 12,132.49 as economic concerns prevailed over the relief over a US Congressional deal to raise the debt ceiling.