PH stocks down in thin trade

The local stock barometer slipped on Monday as investors digested a string of local corporate developments and the latest stream of first quarter earnings results.

The main-share Philippine Stock Exchange index (PSEi) shed 12.91 points, or 0.17 percent, to close at 7,533.28 in thin trade. Regional markets were mixed.

The mining/oil counter was the most battered, declining by 2.88 percent, while the financial, holding firm and property counters also slipped.

The industrial and services counters ended slightly higher.

There were 92 decliners that edged out 89 advancers while 46 stocks were unchanged.

The PSEi was weighed down most by Semirara, which fell by 5.15 percent.

The company disclosed that unit 3 of Sem-Calaca power plants would be on extended 90-day outage to allow full machine repair completion.

This unit has been shut down since March 6 this year.

LTG, meanwhile, fell by 3.65 percent ahead of the conglomerate’s stockholders’ meeting.

On the other hand, Globe Telecom surged by 7.12 percent after reporting that first quarter core profit was up by 29 percent to P4.8 billion. Parent conglomerate Ayala Corp. also gained 1.42 percent.

Outside of the PSEi, notable gainers included 8990 Holdings, which rose by another 3.81 percent.  For the second straight session, it was the day’s most actively traded company.  —DORIS DUMLAO-ABADILLA