Stocks continue to weaken | Inquirer Business

Stocks continue to weaken

/ 12:01 AM July 10, 2014

The local stock barometer slipped for the second straight session as high prices led to more profit-taking.

The Philippine Stock Exchange index (PSEi) lost 44.73 points or 0.64 percent to close at 6,903.79.

Most counters fell, led by the holding firm counter (-1.16 percent). Value turnover was thin at P5.47 billion. There were 87 advancers, which were edged out by 98 decliners, while 44 stocks were unchanged.

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The most battered PSEi stocks were First Gen (-3.9 percent), JG Summit (-3.38 percent) and Aboitiz Equity Ventures (-2.24 percent). BDO Unibank, Megaworld and Ayala Corp. all declined by more than 1 percent while PLDT, Alliance Global Group Inc., SM Prime, Ayala Land Inc., Metrobank, BPI and SM Investments Corp. also weighed down the index.

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Outside of the PSEi, Vitarich (-5.36 percent) also succumbed to profit-taking.

On the other hand, the PSEi stocks that bucked the day’s downturn were URC, Robinsons Land and Globe. Non-PSEi stocks Sinophil (+1.95 percent) and Vista Land (+0.51 percent) also gained in heavy trade. Doris C. Dumlao

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TAGS: Business, economy, News, Philippine Stock Exchange index

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