Stocks down on regional weakness

Philippine stocks sank anew Monday as investors stayed away following weak trading across the region on a disappointing report showing that China’s industrial profits had declined. Trading volume at home, however, was relatively low.

The benchmark Philippine Stock Exchange Index (PSEi) was down 1.47 percent, or 101.96 points, to 6,815.59. The broader all-shares index also declined 0.97 percent to 3,952.45.

All sub-sectors fell yesterday, led by industrial, down 1.71 percent, followed by holding firms, down 1.28 percent, and financials, down 1.23 percent.

Investors still need to see the market stabilize before jumping back in, analysts had said.

Luis Gerardo Limlingan, managing director at Regina Capital Development, noted that the previous support level was pegged at 6,860. Once that is breached, the next support would be around the 6,600 level, he added.

Data from the PSE showed that a total of 959.69 million shares valued at P5.71 billion changed hands Monday. A total of 116 companies fell while another 60 gained and 43 closed unchanged.

Universal Robina Corp. led the list of most actively traded stocks as it sank 2.97 percent to P186.30 a share.

This was followed by Ionics Inc., up 21.15 percent to P3.78 per share; BDO Unibank Inc., down 0.97 percent to P102 a share; Alliance Global Group Inc., down 6.5 percent to P16.96 a share, and Philippine Long Distance Telephone Co., down 1.85 percent to P2,228 a share. Miguel R. Camus