Share prices close lower
Philippine stocks Tuesday declined, bucking gains seen throughout the region, just a few days before the government releases its third quarter growth figures.
The benchmark Philippine Stock Exchange index dipped 0.52 percent, or 38.28 points, to 7,286.85, while the broader all-shares index slipped 0.19 percent, or 8.03 points, to 4,292.34.
Almost all subindices were down, led by industrial firms, which declined by 0.55 percent, followed by property, which dropped by 0.38 percent.
Only mining and oil closed in the green, gaining 0.04 percent.
Analysts said investors were positioning ahead of the report of third quarter gross domestic product on Thursday.
Markets were propped up recently after China, the world’s second biggest economy, decided to cut interest rates.
Data from the Philippine Stock Exchange showed that a total of 4.58 billion shares worth P15.89 billion changed hands Tuesday. There were 97 gainers against 98 decliners, while 38 companies closed unchanged.
Philippine Long Distance Telephone Co. led the list of most actively traded stocks as it fell 1.07 percent to P2,960 a share.
It was followed by Security Bank Corp. (up 1 percent to P160.5 per share), BDO Unibank Inc. (up 0.92 percent to P110 per share), Aboitiz Power Corp. (down 0.6 percent to P41.60) and Southeast Asia Cement (up 1.26 percent to P2.41). Miguel R. Camus
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