Philippine stock market continues to falter
MANILA, Philippines – Most local stock prices faltered for a third straight session on Tuesday as worries over a sluggish US economy prevailed over the good tidings brought by the slower-than-expected local inflation rate reported for May.
The main-share Philippine Stock Exchange index shed 22.45 points or 0.53 percent to 4,236.45 on thin trading.
Property and services were the most battered counters, declining by 1.16 percent and 1.5 percent, respectively, but overall losses were tempered by meager gains eked out by the financial and mining/oil sectors.
Turnover was thin at P3.93 billion.
There were 54 advancers, which were eclipsed by 78 decliners while 39 stocks were unchanged.
The Philippines reported on Tuesday that the annual inflation rate for May came in at 4.5 percent versus a revised rate of 4.3 percent for April, much lower than over-5 percent rate anticipated by the market.
Dealers said the day’s losses were tempered by this favorable inflation report.
PLDT, Ayala Land, AGI, EDC, DMCI, Ayala Corp., Philex, Robinsons Land and Filinvest Land dragged down the index. Non-index stocks San Miguel Corp. and Lopez Holdings also traded lower.
The index losses, however, were pared down by the gains of Lepanto “A” (open only to local investors), Metrobank, Aboitiz Power, Meralco and BPI. Empire East Land and East Asia Power Resources also advanced for the day.
On Wall Street, stocks tumbled for a fourth session, weighed down by banks and energy companies.
The Dow Jones industrial average slid by 61.30 points or 0.5 percent, to 12,089.96. The broader Standard & Poor’s 500 index also dropped 13.99 points or 1.1 percent to 1,286.17, falling below 1,300 for the first time in three months. Technology-heavy Nasdaq also fell by 30.22 or 1.1 percent to 2,702.56.
