Local stock index continues to slip
MANILA, Philippines—The local stock market remained in the doldrums for the eighth straight session on Wednesday but overall losses were tempered as selective bargain-hunting emerged.
The main-share Philippine Stock Exchange index closed 6.63 points or 0.1 percent to close at 6,419.62. The index briefly turned positive before the closing bell as some investors saw an opportunity to enter the market at cheaper levels.
The index has so far pulled back by about 447.48 points or 6.5 percent from its recent peak of 6.867.10.
On Wednesday, the financial, industrial, holding firms and services counters were still in negative territory but the mining/oil counter and property counters were back on the green.
Turnover amounted to P13.23 billion. There were 62 advancers against 92 decliners while 45 stocks were unchanged.
Investors picked up shares of SMIC, BDO, PLDT, ALI, URC, Megaworld and SM Prime, curbing the PSEi’s decline.
On the other hand, the market sold down Metrobank, AGI, Bloomberry, BPI, MPI, JFC, Meralco and ICTSI. Non-PSEi stocks Security Bank, Vista Land and Puregold also fell in heavy volume.
Across the region, trading was mixed as investors were still jittery over a Cyprus bail-out framework that will burden depositors.