PH stock index drops to 6,404.23 as markets elsewhere rise

AFP FILE PHOTO

MANILA, Philippines­–The local stock barometer faltered on Friday in thin trade ahead of the long weekend break.

The Philippine Stock Exchange index shed 16.56 points or 0.26 percent to close at 6,404.23 even as most markets elsewhere in the region firmed up.

For the week, the index has fallen by 129.72 points or 1.9 percent as the “ghost month”–the period when many Oriental investors refrain from making large investments–kicked in.  Across the region, sentiment was dampened by uncertainties over US monetary policy.

Trading volume was thin at P4.18 billion as some investors preferred to stay in the sidelines.  Despite the main index decline, there were 63 advancers which narrowly edged out 61 decliners while 57 stocks were unchanged.

The market was weighed down by the decline in the industrial, holding firm, services and property counters while the financial and mining/oil counters firmed up.

The day’s biggest index laggers were DMCI (-3.19 percent), AP (-2.32 percent), SMIC (-2.3 percent) and URC (-2.17 percent). The day’s most actively traded stock was SMIC.

Asked whether he’s confident that SMIC prices could bounce after last week’s discounted share sale, SMIC chief finance officer Jose Sio said the recent slump was merely reflective of the recent global market volatility.

SM Prime, RLC, PLDT, Petron, Belle and Philex also contributed to the day’s PSEi drop.

On the other hand, the index decline was tempered by the gains eked out by Meralco and MPI whose shares both rose by over 2 percent.  Jollibee and AEV gained by over 1 percent while AC, EDC, ICTSI, Semirara, AGI and Megaworld also contributed modest gains.

Sluggish trading is expected to remain for the next few weeks in the absence of fresh leads. Local markets will be closed on Friday on an official holiday in deference to the end of Ramadan.