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Stocks close flat

/ 12:20 AM March 24, 2012

Local stocks on Friday closed flat as global worries over weakening industrial output in Europe and China kept many investors on the sidelines.

The main-share Philippine Stock Exchange index ended 1.08 points, or 0.02 percent, lower at 5,042.44, while the broader market also lost 5.97 points, or 0.17 percent.

All countered ended in negative territory except for holding firms. The mining/oil sub-sector slumped the most, declining by 1.2 percent.

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Value turnover amounted to P6.18 billion. There were nearly twice as many stocks that declined for every single one that advanced.

On Wall Street, there was also a correction as investors worried over the drop in new orders in euro zone and China, which will have a big adverse impact on global growth.

The Dow Jones industrial average shed 78.48 points, or 0.60 percent, to 13,046.14 on Thursday. Doris C. Dumlao

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