Stocks pare losses

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 at end of morning session.

All counters ended lower, led by the mining/oil (-2.14 percent) as well as services and property counters, which both fell more than 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 6,500 level.

The day’s biggest index decliners were Megaworld (-3.98 percent), Philex (-3.49 percent) and Metro Pacific Investments Corp. (-3.43 percent) while Globe, Bloomberry and Jollibee slumped more than 2 percent. Ayala Land, Belle, Meralco and Alliance Global Inc. all lost more than 1 percent.

Meanwhile, the index stocks that helped offset the PSEi’s decline for the day were Aboitiz Power, SM Investments, JG Summit, BPI, SMC, Petron and Robinsons Land.

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