MANILA, Philippines–Philippine stocks closed lower on Thursday as global funds realigned their portfolios, according to an analyst.
The benchmark Philippine Stock Exchange index declined 0.47 percent, or 34.24 points, to 7,198.63, while the broader all-shares index also dropped 0.39 percent to 4,237.06.
There were 94 decliners against 71 gainers, while 49 companies were unchanged. A total of 1.29 billion shares changed hands valued at almost P7 billion.
All subsectors ended in the red, save for industrial companies, which gained 0.07 percent. Losing subindices were led by holding firms, down 0.75 percent followed by services, down 0.55 percent, data from the PSE showed.
“The market is undergoing consolidation,” said Astro del Castillo of First Grade Finance Inc. “Portfolio managers are also realigning their funds. This is not just locally but internationally.”
Philippine Long Distance Telephone Co. led the list of most actively traded stocks, which closed flat at P2,996 a share. It was followed by 8990 Holdings (up 3.05 percent), BDO Unibank Inc. (up 1.38 percent), Premium Leisure Corp. (up 6.53 percent), and Ayala Land Inc. (down 0.99 percent).–Miguel R. Camus