Local stock index sheds 10.6 points

MANILA, Philippines – The local stock index pulled back on Friday as investors took their cue from Wall Street, which fell overnight after the US Federal Reserve chief offered no tangible plan to stimulate the US economy.

The main-share Philippine Stock Exchange index lost 10.66 points or 0.24 percent to finish at 4,346.07.

The index was weighed down by the holding firms and services counters, which negated the modest gains eked out by the financial, industrial, property and mining/oil counters.

Turnover was thin at P4.15 billion.

Despite the PSEi decline, however, the broader market was more resilient, allowing 75 stocks to gain versus the 54 that declined.

SM Investments, PLDT, BDO, Philex, Aboitiz Power and Ayala Land led the PSEi lower.

On the other hand, the day’s index decline was tempered by the gains posted by Lepanto “A” (open only to local investors), SM Prime, Jollibee, URC, EDC, SMDC, Metrobank and Lepanto “B” (open to local and foreign investors).

Investors also picked up shares of non-index stocks like Atlas, Semirara, Dizon, Boulevard, United Paragon and AGP which all made it to the day’s list of most actively traded stocks.

Overnight, the Dow Jones Industrial Index shed 119.05 points or 1.04 percent to 11,295.81 after US Fed chair Ben Bernanke – in a widely anticipated speech – disappointed investors as he offered no specific plans to help boost the sagging US economy.