Share prices close lower
Philippine stocks closed in the red for a fifth straight session Friday, as investors preferred to stay on the sidelines again due to uncertainties caused by details from the United States Federal Reserve’s plan to slow down its monetary stimulus.
The benchmark Philippine Stock Exchange dipped 0.62 percent, or 38.05 points, to 6,084.84, while the broader all-shares index slid 0.52 percent, or 19.55 points, to 3,717.63.
Philippine stocks managed to close above a key “psychological barrier” at 6,000, said Eagle Equities Inc. president Joseph Roxas.
Analysts said the PSEi could trek lower to 5,900 once this barrier is breached.
All subcounters ended in the red, data from the PSE showed. The biggest drop was in mining and oil, which declined by 1.04 percent. This was followed by holding firms, down 0.62 percent, and services, down 0.6 percent.
Volume was also relatively thin during the session, with 595.05 million shares valued at P7.43 billion changing hands.
PSE data showed that 64 companies advanced, 95 issues declined, while 35 companies were unchanged.
Leading the list of most actively traded stocks was Metropolitan Bank and Trust Co., which rose by 0.47 percent to P74.40 a share. This was followed by Philippine Long Distance Telephone Co. (-1.4 percent to P2.672), Universal Robina Corp. (-0.97 percent to P122), SM Investments Corp. (-1.75 percent to P729), and Security Bank Corp. (-1.18 percent to P126). Miguel R. Camus
