PH stocks struggle to stay afloat at 6,300

PSE index as of 3:46 PM, July 10, 2013. Screengrab from https://www.pse.com.ph

MANILA, Philippines — Local stocks slipped on Wednesday but pared down losses in early trade to allow the main index to stay afloat 6,300.

The main-share Philippine Stock Exchange index shed 18.84 points or 0.3 percent to close at 6,308.18 in thin trade.  Despite closing in negative territory, the index bounced from the 1.26 percent decline seen at end of morning session.

All counters declined, led by the mining/oil (-2.14 percent) as well as services and property counters, which both fell by over 1 percent.

Value turnover for the day was still scant at P4.55 billion. There were only 44 advancers, which were overwhelmed by 107 decliners.

Dealers said the local stock market was still technically bearish especially after the main index failed to sustain a recovery above the stubborn 6,500 level.

The day’s biggest index decliners were Megaworld (-3.98 percent), Philex (-3.49 percent) and MPI (-3.43 percent) while Globe, Bloomberry and Jollibee slumped by over 2 percent.  ALI, Belle, Meralco and AGI all faltered by over 1 percent.

Meanwhile, the index stocks that curbed the PSEi’s decline for the day were AP, SMIC, JG Summit, BPI, SMC, Petron and RLC.

Across the region, stock markets were mostly higher as anticipation over good second quarter US corporate results offset jitters over weak exports data in China.