Philippine stocks continue to weaken

MANILA, Philippines—Local stocks tumbled further on Tuesday as the weak global investor sentiment kept most investors on the sidelines.

The main-share Philippine Stock Exchange index shed 35.91 points, or 0.93 percent, to close at 3,829.92. Global markets were jittery after Greece said it might not be able to slash its budget deficit in line with an earlier commitment as part of a deal to receive more emergency loans.

The local market was weighed down most by the financial, property and holding firm counters, which respectively slumped 1.4 percent, 1.37 percent and 1.9 percent. A modest gain by the industrial and mining/oil counters, on the other hand, tempered the day’s losses.

Value turnover amounted to P4.86 billion. Foreign investors continued to cash out of the local market, resulting in a P1.17 billion in net foreign selling for the day.

There were 55 advancers versus 89 decliners while 33 stocks were unchanged.

Investors sold down shares of DMCI, SM Prime, ICTSI, SM Investments, PLDT, AGI, AEV, Metro Pacific Investments, Megaworld, Security Bank, Semirara, Ayala Land, First Gen and BPI.

On the other hand, among the few stocks that bucked the day’s downturn were Lepanto, Metrobank, Aboitiz Power and EDC.

Meanwhile, shares of Nickel Asia were down 2.55 percent to P16.82 a share on news that its mining site in Claver, Surigao del Norte, was attacked by armed rebels on Monday.

Overnight, the Dow Jones industrial index slid 258.08 points, or 2.36 percent, to 10,655.30. The broader S&P index also lost 32.19 points or 2.9 percent and is now on the edge of bear territory.—

Doris C. Dumlao