Share prices continue to decline
The Philippine benchmark index ended in the red for the sixth straight session on Friday, as investors continued to sell amid tapering concerns in the United States, and Typhoon ‘‘Yolanda’’ which was described to be the strongest this year on record.
The PSEi dipped 1.26 percent, or 81.31 points, to 6,355.18. The measure declined about 3.7 percent since Oct. 30.
The broader all-shares index also lost 1.05 percent, or 41.09 points, to 3,876.90, as subindices closed in the red, led by financials.
“Better-than-expected GDP (gross domestic product) and the improving job market numbers in the US, plus a cut in ECB rates, sent the US and Europe equity investors to the exits as the ante on a sooner-than-expected Fed tapering rose,” Jun Calaycay of Accord Capital Equities Inc. said in a report.
“Anticipations of extensive damage from Typhoon Yolanda may raise fresh recalculations of 4Q GDP forecasts, possibly dampening the impact of 3Q results slated to be released near the end of the month. It made landfall in Eastern Visayas just before sunrise Friday,” he added.
A total of 1.6 billion shares changed hands on Friday, valued at P7.9 billion.
There were 103 decliners against 53 advancers, while 37 issued closed unchanged.
JG Summit Holdings Inc. was the most actively traded stock after it was included in the widely tracked MSCI global standard indices.
JG Summit rose 7.55 percent to P47 a share.
Other actively traded stocks were SM Investments Corp., Manila Electric Co., SM Prime Holdings and Metropolitan Bank and Trust. Miguel R. Camus
