Stocks dip; investors study earnings reports
The local stock barometer dipped on Monday as investors digested the initial stream of fourth quarter corporate earnings reports.
The Philippine Stock Exchange index lost 8.98 points or 0.13 percent to close at 6,783.08 in mixed trade, slipping for the second session in a row.
Elsewhere in the region, stock markets were mostly upbeat ahead of a string of February industry surveys that will provide clues on the health of the global economy.
The financial and mining/oil indices led the market lower, both declining by over 1 percent. The services counter also slipped.
On the other hand, the industrial counter rose by 1.22 percent while the holding firms and property counters also firmed up.
Value turnover for the day amounted to P4.41 billion. There were 90 advancers that were slightly outnumbered by 94 decliners while 32 stocks were unchanged.
Banking stocks BPI and Metrobank slipped by over 3 percent. BDO also fell by 0.99 percent. Doris Dumlao-Abadilla
