Share prices close down

Most share prices declined Thursday as China’s higher-than-expected inflation figure for January spooked regional equity markets and sparked profit-taking.

The main-share Philippine Stock Exchange index shed 36.18 points, or 0.75 percent, to finish at 4,769.62.

Tycoon Henry Sy’s shopping mall arm SM Prime Holdings Inc. bucked the day’s downturn, aiding the property counter, on news of its prospective takeover of a majority stake in the Ortigas property group.

The mining/oil counter was battered the most, declining by 3.7 percent. The financial, holding firms and services counters all declined by over 1 percent.

Value turnover amounted to P8.58 billion. There were 42 advancers against 134 decliners, while 33 stocks were unchanged.

Apart from the property counter, the industrial counter also managed to eke out marginal gains for the day.

Frances Cheung of Credit Agricole CIB on Thursday said in a research note that “sentiment was subdued in Asian trading overnight, with the surprisingly high China CPI (consumer price index) pressuring Asian currencies and equities.”

Inflation in China unexpectedly accelerated to 4.5 percent year-on-year from 4.1 percent. Doris C. Dumlao