Philippine stocks end lower

Local stocks closed marginally lower in thin trade on Monday as investors took a respite from last week’s risk-taking.

The main-share Philippine Stock Exchange index shed 2.15 points, or 0.05 percent, to finish at 4,289.29. The index encountered a barrier close to 4,300 in intra-day trading.

Trading was mixed across counters. The property, mining/oil counter and holding firms weighed down the index while the financial, industrial and services counters stayed afloat.

Value turnover was light at P3.45 billion, suggesting lack of conviction to the pullback. Foreign investors were on a cautious mode for the day, resulting in around P164 million in net foreign selling.

There were 58 advancers against 70 decliners while 41 stocks were unchanged.

Investors pocketed gains from Philex, DMCI, Anglo-Philippine Holdings, SM Investments, BPI, San Miguel Corp., SM Prime Holdings and Ayala Land.

On the other hand, among the day’s advancers were Energy Development Corp., Security Bank, Metrobank, Aboitiz Power, Lepanto “A” (open only to local investors), Ayala Corp., ICTSI and Meralco.

Overall, sentiment in the market was buoyant due to positive tidings from last week’s sovereign credit rating upgrades on the Philippines as well as rising hopes of a resolution to the fiscal crisis in Greece.—Doris C. Dumlao