PH stocks dips further

MANILA, Philippines—Local stocks slightly dropped in very thin trading on Wednesday as fresh European debt jitters added to a post-holiday hangover and some shift in funds to initial public offerings.

The main-share Philippine Stock Exchange index shed 4.85 points or .01 percent to close at 5,017.44.  The main index trimmed larger losses seen earlier in the session but all counters still ended in negative territory as a spike in Spain’s borrowing cost rekindled debt concerns in the Euro-zone.

Value turnover was thin at P3.71 billion, about half the daily turnover seen in the first quarter.  Dealers said many investors were still on extended holiday after the long Lenten break while others were preparing funds to invest in initial public offerings.

GT Capital has begun its domestic offering this week while East West Bank will foray into the market later this month.

There were only 44 advancers which were overwhelmed by 117 decliners while 39 stocks were unchanged.

The index was weighed down most by PLDT, AGI, SM Prime, SMIC, Megaworld, MPI, Philex and JG Summit.  Second-liners PSE, Union Bank, PNB and Security Bank also closed lower.

On the other hand, overall index losses were tempered by the gains eked out by BDO, AP, AEV, Ayala Corp. and ICTSI.  Atlas was also higher.

Atlas reported that its first quarter copper output had grown by 21 percent. For March alone, it produced a record 7.35 pounds copper and earned $30 million for the month.