Stocks continue to decline

The local stock market ended lower Tuesday as fresh concerns about the health of the global economy dampened investor sentiment.

The main-share PSEi gave up 25.77 points or 0.59 percent to finish at 4,350.09. The day’s decline, however, was more modest compared to the overnight bloodbath in Wall Street. The closely watched Dow Jones industrial index tumbled 151.44 points or 1.2 percent to end at 12,505.76 on Monday.

Marvin Fausto, chief investment officer at Banco de Oro Unibank, said at the sidelines of The Asset Forum that the global economy was continuing to face rough sailing. “Global recovery will only come at a great price,” Fausto said, citing, for instance, the austerity measures to address the fiscal woes in Europe.

All indices traded in the red except for the mining/oil counter, which continued to outperform with a 2.4-percent increase for the day.

Value turnover was thin at P4.36 billion. Doris C. Dumlao