Stocks still in decline
PHILIPPINE SHARE prices ended the week with mixed results even as the main index continued its decline in Friday’s volatile trading session.
The benchmark Philippine Stock Exchange Index (PSEi) fell by 19.97 points to 4,153.11—0.47 percent lower from Thursday’s close. The All-shares index likewise dropped to 2,944.01 points, 0.13 percent lower from the previous day.
Three subindices were up, with mining and oil shares again leading the charge. Semirara Mining Corp. alone gained 7.7 percent in Friday’s trade.
The PSEi, however, was dragged down by market heavyweight Philippine Long Distance Telephone Co., which shed 2.56 percent to close at P2,202 apiece.
The country’s largest telco was the day’s second most actively traded stock next to SM Investments Corp., which closed flat at P540 each.
Banco de Oro Unibank, also lost ground, shedding 5.7 percent to P51.80 a share. Overall, the financial shares index fell by 2.3 percent.
A local broker said bargain hunting helped push stocks up to the 4,200 level in early trade, but a late sell-off erased all the gains made during the day.
The broker said the central bank’s decision on Thursday to raise reserve requirements—effectively tightening monetary policy to temper inflationary pressures—led to the decline in share prices. Paolo G. Montecillo
