Main stock index falls below 5,000

Local share prices fell below the 5,000 level at the last trading day of the week Friday on heavy selling of select stocks.

The benchmark Philippine Stock Exchange index (PSEi) closed at 4,930.63 points, down 1.8 percent or 90.22 points. The broader all-shares index was also lower by 1.19 percent as all sub-indices closed in the red.

The decline was led by the mining and oil sector, which posted a drop of 2.72 percent. This was after Aboitiz Power Corp. shed 2.3 percent to close at P31.80 a share.

Its parent company Aboitiz Equity Ventures (AEV) was the day’s most actively traded stock and landed in the list of biggest losers after losing 6.25 percent to close at P45 a share.

Other big losers in the list of blue chips were Globe Telecom, which fell 1.96 percent; Universal Robina Corp., down 4.88 percent, and Manila Water Corp., lower by 5.74 percent.

The 47 advancers were outnumbered by more than two-to-one by the day’s 100 decliners. Another 47 shares were unchanged.

Trading volume was robust with 3.02 billion shares changing hands at P9.27 billion.

Riding on the good news from abroad, share prices rose by as much as 40 points in early trading before falling in the afternoon session.

“The action is reflective of the general stance investors have taken in the last couple of weeks. Everyone has opted to stay at the sidelines, waiting for more clarity and proof that the global recovery will be able to withstand the threats posed by Europe’s situation,” local brokerage Accord Capital said in a note to clients.