Philippine stocks closed in the red Monday, mirroring markets across the region, on fresh concerns the US monetary stimulus could end sooner than expected.
With few major drivers, investors turned toward overseas sentiments, which soured following statements of Federal Reserve Bank of Dallas president Richard Fisher, who called for an end to record stimulus spending.
The benchmark Philippine Stock Exchange index dipped 0.64 percent, or 41.99 points, to 6,543.39. The broader all-shares index also sank 0.54 percent, or 21.31 points, to 3,955.81.
Only the property sub-index, which gained 0.37 percent, bucked the downtrend following positive developments for some corporations.
SM Prime Holdings, the country’s biggest mall builder and operator, gained 0.54 percent to P19.28 a share after it reported that net income jumped 14 percent in the nine months through September to P8.4 billion as it opened more malls.
Century Properties Group ended up 4.4 percent to P1.90 a share, paring gains of close to 10 percent, after announcing it would develop a portion of Japanese billionaire
Kazuo Okada’s property in the Entertainment City gaming complex along Manila Bay.
All other subsectors were down, led by financials and holding firms, which declined 0.95 percent and 0.82 percent, respectively. Miguel R. Camus