Stocks close lower
The local stock barometer retreated for the second session in a row Friday as investors turned cautious ahead of Typhoon “Ruby” landfall.
The Philippine Stock Exchange index (PSEi) lost 69.29 points or 0.95 percent to close at 7,230.56.
All counters ended in the red. There were 125 decliners, 46 advancers and 55 unchanged stocks. Value turnover amounted to P10.08 billion.
“This correction is far overdue. It’s healthy. It will give investors an opportunity to re-assess positions,” said Gus Cosio, president of First Metro Asset Management Inc.
Dealers said investors were cautious of the coming typhoon given the extent of devastation a year ago when Supertyphoon “Yolanda” ravaged eastern Visayas.
The market was weighed down most by index heavyweight PLDT, which slumped 3.33 percent and was the most actively traded company in the market.
Bloomberry, Megaworld, URC, AC, SM Prime, BPI, AGI, JG Summit and GTCAP all fell by more than 1 percent. Shares of Metrobank, EDC and SMIC also declined.
Outside of PSEi stocks, Puregold (-2.76 percent) and Melco Crown (-5.44 percent) tumbled as investors weighed tightening restrictions on gamers from mainland China.
BDO bucked the day’s downturn, rising by 0.56 percent. Outside of PSEi stocks, Xurpas (+1.65 percent) and CMT (+12.9 percent) outperformed.
Elsewhere in the region, stock markets were mostly steady ahead of the release of US monthly jobs report. Doris C. Dumlao
