Local stock index dips after anemic trading

MANILA, Philippines – The local stock market index dipped in anemic trading on Tuesday as worries over the fate of Greece in the European Union kept most investors on the sidelines.

The main-share Philippine Stock Exchange index shed 4.94 points or 0.11 percent to finish at 4,292.91 at a meager value turnover of P2.48 billion.

The index broke past the 4,300 resistance in early trade but faltered for the remainder of the session as most investors were in no mood to load up on equities given fears of a Greek debt default.

Trading was mixed across counters, with the property and mining/oil becoming the biggest drag as their respective sub-indices fell by 1.09 percent and 1.26 percent, respectively. The holding firm counter was likewise in the red.

On the other hand, the financial, industrial and services counters stayed afloat.

There were only 62 advancers versus 84 decliners while 48 stocks were unchanged.

The index was weighed down most by profit-taking on Philex Mining, San Miguel Corp., ICTSI, Megaworld, Ayala Land, DMCI, Jollibee Foods and Semirara.

The PSEi’s losses were tempered by the gains eked out by SM Investments, PLDT and Aboitiz Power. Likewise buoyant on Monday’s trade were non-index stocks Lepanto “A” (reserved for local investors), Philex Petroleum, FPH and Ni Hao.

Philex Petroleum, whose shares surged by over six times on Monday’s listing by way of introduction, saw its shares rally by another 15.81 percent to close at P9.96 on Tuesday. This is on optimism over its exploration of the Recto Bank.

Overnight, the Dow Jones Industrial Index recouped 68.99 points or 0.63 percent to 11,061.12 after being hit hard by the European debt woes. As of the local market’s closing, the Dow Jones futures index was up by 29 points.