PH stocks dip over Greek debt reports, looming Moody’s banks’ downgrade

MANILA, Philippines—The local stock index dipped for a third day in a row as investors fretted over unresolved Greek debt woes alongside global credit watcher Moody’s threat to downgrade a number of global banks.

The Philippine Stock Exchange index gave up 5.9 points or 0.12 percent to finish at 4,766.57 on Thursday.

The financial and mining/oil counter took the worst beating for the day, respectively falling by 0.95 percent and 1.75 percent. These counters were weighed down by Metrobank, BDO, BPI, Philex and Semirara. Trading on the industrial counter was likewise sluggish led by URC.

On the other hand, the PSEi’s overall decline was tempered by the 0.65-percent gain by index heavyweight PLDT which closed at P2,764 per share.  An increase in the prices of DMCI, ALI, AP, RLC, SMIC and AEV also curbed the PSEi’s losses for the day.

The counter for holding firms, property and services bucked the downturn.

Value turnover for the day amounted to P6 billion.  There were 71 advancers, which were outnumbered by 81 decliners while 42 stocks were unchanged.

One notable gainer for the day was Union Bank, whose shares surged by 5 percent to P105 per share.

Meanwhile, NiHao, Security Bank, Geograce and GMA Holdings all fell on profit-taking.

Across the region, sentiment was weak as European finance ministers failed to resolve all the issues surrounding a second aid package for Athens.  Moody’s also warned on Thursday it might lower the credit ratings of 17 global and 114 European financial institutions, suggesting that ripples from the Euro zone crisis were still escalating.

Overnight, Dow Jones Industrial Average fell by 97.33 points or 0.76 percent, largely affected by the decline in the shares of Apple amid reports that the company had asked online retailer Amazon to stop selling iPad in China.