PH stock index retreats as investors pocket gains | Inquirer Business

PH stock index retreats as investors pocket gains

Philippine Stocks Exchange index as of April 23, 2013. Screengrab from https://www.pse.com.ph

MANILA, Philippines – Local stocks pulled back on Tuesday as investors pocketed gains after a dizzying climb to new highs breaching 7,100.

The main-share Philippine Stock Exchange index gave up 138.12 points or 1.94 percent to close at 6,982.36. This was after rallying on Monday by 2.35 percent to an all-time high of 7,120.48.

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Across the region, stock markets were also mostly weaker as investors were unnerved by indications of weak China factory output in April.

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At the local market, all counters slumped on Tuesday led by holding firms (-3.22 percent).

Value turnover amounted to P11.82 billion. There were 103 decliners that outnumbered 75 advancers while 33 stocks were unchanged.

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“The over-valuation of Philippine stocks is attracting more and more sellers who believe that current price to earnings ratios of index stocks are not sustainable. Expect sellers to gravitate to – or switch to – non-index stocks which will likewise benefit from a growing economy and falling interest rates,” said Eduardo Banaag Jr., first vice president and equity fund manager of Philam Life.

The index was weighed down most by AEV (-5.5 percent), Philex (-5.26 percent), DMCI (-4.71 percent), AGI (-4.62 percent), SMPH (-4.5 percent), Bloomberry (-4.11 percent), AC (-3.91 percent), URC (-3.7 percent), Jollibee (-3.22 percent) and FGEN (-3.15 percent).

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TAGS: Business, Markets and Exchanges, Philippine Stock Exchange, Stock Activity, Stock Market

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