Stocks slip on global woes

The local stock index Friday slipped as concerns over Europe’s growth weighed down regional markets.

The main-share Philippine Stock Exchange index lost 34.54 points, or 0.48 percent, to close at 7,167.35.

All counters were down but the most battered was the mining/oil counter, which dipped by 1.47 percent. Across the region, stock markets tumbled as investors took their cue from an overnight pullback in Wall Street.

Value turnover stood at P7.24 billion. There were 63 advancers against 116 decliners, while 43 stocks were unchanged.

The index was weighed down by PLDT, URC, AGI, EDC, BDO, JG Summit, Semirara and Petron.

AC, SMIC, Megaworld, SM Prime and DMCI also declined.

Outside of PSEi stocks, Nickel Asia slipped by 3.72 percent.

Among the PSEi stocks that bucked the downturn was Bloomberry (+1.43 percent). ALI and RLC also gained.

With the key resistance seen at 7,200, DA Market Securities said the market could continue to test the 7,165 support level. Its recommendation is to buy at the support levels of 7,165, 7,100 and 7,050.

“We recommend a pyramid-buying strategy; buying bigger lots should the market dip to lower support levels,” DA Market said. Doris C. Dumlao