Stocks continue to weaken

Philippine stocks again sank Friday as investors took a breather but analysts took this as a positive sign given that buyers would start coming into the picture at these levels.

The benchmark Philippine Stock Exchange index (PSEi) dipped 0.28 percent, or 19.25 points, to 6,811.33 after a strong rebound the previous day. The all-shares index was down 0.25 percent to 4,063.63 as subsectors were all in the red save for financials, which gained 0.18 percent.

Jonathan Ravelas, chief strategist at BDO Unibank Inc., noted that most investors decided to stay on the sidelines ahead of the release of first-quarter economic growth figures due at the end of the month.

He said a surprise increase in gross domestic product (GDP) growth could prop the markets higher, possibly to the 7,000 level, with the opposite effect if results would disappoint.

Ravelas, however, noted that the PSEi still managed to close above 6,800, indicating buying support. “We are more or less in the same level as last week, meaning investors are still willing to buy,” he said.

Data from the Philippine Stock Exchange showed that a total of 1.21 billion shares changed hands for P7.67 billion. Decliners outnumbered gainers, 113 to 49, while 51 companies closed unchanged.

Ayala Land Inc. led the list of most actively traded issues as it sank 1.38 percent to P32.15 a share. This was followed by BDO Unibank Inc. (up 2.87 percent to P89.50). Miguel R. Camus