Stocks slip on China’s economic woes

The local stock index on Friday fell for a third straight session, slipping below the 6,400-mark, as China’s economic woes added to profit-taking pressures.

The main-share Philippine Stock Exchange index shed 38.55 points, or 0.6 percent, to close at 6,391.24.

Across the region, sentiment was dampened by the developments in China. This was after Premier Li Keqiang said China’s 2014 economic goal of attaining 7.5-percent growth would be “flexible.” He also admitted that default on some financial products could take place.

This past week, the local index slipped by 90.59 points, or 1.4 percent.

As local investors pocketed recent gains, foreign investors were still in a net buying position, amounting to a modest P262 million for the day.

Value turnover was P7.56 billion.

There were 60 advancers against 94 decliners, while 51 stocks were unchanged.

Investors sold down shares of AGI (-2.18 percent), PLDT

(-1.99 percent) and BPI (-1.98 percent).

SM Prime, URC, ALI, AP and BDO also fell by over

1 percent.

One stock that bucked the day’s downturn was SMC, which surged by 9.22 percent, on asset sale speculations.

JG Summit (+3.4 percent), Meralco (+2.33 percent) and LTG (+2.15 percent) also rose.

Outside of the PSEi, a notable gainer was GERI, which was up by 5.38 percent.  Doris C. Dumlao