Weak earnings batter stocks

The local stock barometer returned to the doldrums on Thursday, weighed down by conglomerate Alliance Global Group Inc. which was sold down following disappointing first quarter results.

The Philippine Stock Exchange index lost 46.55 points or 0.59 percent to close at 7,835.38. The decline was led by the services, mining/oil and property counters which all slumped by over 1 percent.

Value turnover for the day amounted to P7.76 billion.  There were over three times as many decliners (134) as there were advancers (44) while 49 stocks were unchanged.

Companies which reported disappointing first quarter results were the most battered for the day.

AGI led the market’s decline, ending 7.2 percent lower in heavy volume. It was the most actively traded company for the day. AGI reported a year-on-year decline of 11.8 percent in first quarter earnings to P3.5 billion.

Bloomberry, which earlier reported larger-than-expected net loss for first quarter, also slumped by 4.8 percent.

Globe fell by 2.26 percent on profit-taking. Its shares have been rising in previous days due to strong first quarter earnings.  Doris Dumlao-Abadilla