Stocks continue to weaken

The benchmark Philippine Stock Exchange index (PSEi) dipped for a fourth straight session Friday due to spillover concerns from the quickening inflation reading last month and possible tapering by the US Federal Reserve, an analyst said.

The PSEi was down 0.27 percent, or 16.01 points, to 6,014.94 yesterday while the broader All-Shares index was down 0.39 percent, or 14.59 points, to 3,688.47. Asian markets were volatile while Wall Street was down overnight.

The benchmark measure, however, continued to hold above 6,000, which First Grade Finance Inc. managing director Astro del Castillo said was an indication that the level was still supported.

Nevertheless,  investors should exercise caution given continued tapering worries, he added.

“It seems like Mr. Scrooge is here to stay,” del Castillo said. “External concerns continue to be a burden at this point.”

Trading on Friday hit 1.13 billion shares valued at P5.9 billion.

Losers outnumbered gainers, 94 to 53, while 37 companies were unchanged, data from the PSE showed.

The industrial subindex suffered the biggest drop with a 0.66-percent decline, followed by financials (-0.59 percent), services (-0.48 percent) and holding firms (-0.34 percent). The property subsector rose 0.64 percent, followed by mining and oil, up 0.5 percent.

Philippine Long Distance Telephone Co. was the most actively traded stock as it gained 0.38 percent to P2,630 a share. This was followed by Metropolitan Bank and Trust (flat at P75), Alliance Global Group Inc. (-0.62 percent to P24.15), JG Summit Holdings (+0.27 percent to P37.80) and SM Investments Corp. (+0.14 percent to P718.50). Miguel R. Camus