PH stocks continue to weaken

The local stock barometer slipped for a second session on Wednesday as concerns over the US fiscal debate and a weak American consumer data provided an excuse to lock up recent gains.

The main-share Philippine Stock Exchange index shed 40.96 points, or 0.63 percent, to close at 6,420.42. Elsewhere in the region, trading of equities was mostly sluggish after the US consumer confidence index in September dipped to a four-month low.

Regional markets are closely watching economic data from the United States as after last week’s decision by its Federal Reserve to keep its $85-billion monthly bond-buying activities, the tapering is still seen to eventually happen.

Hong Kong-based HSBC economist Frederic Neumann said the tapering could still happen by December this year and concluded by June to August next year.

At the local market, all counters were in the red except for mining/oil (+0.86 percent). Value turnover amounted to P7.16 billion. There were 60 advancers, which were outnumbered by 79 decliners, while 47 stocks were unchanged.

Among index stocks, LT Group (-6.06 percent) was the biggest lagger due to the Court of Appeals’ ruling against liquor unit Tanduay Distillers’ use of the trademark “Ginebra Kapitan” following a trademark infringement case filed by Ginebra San Miguel.—Doris C. Dumlao