Share prices dip further

Local stocks on Thursday slipped for a fifth straight session after South Korea announced a surprise interest rate cut while a weak jobs report from Australia added to the world’s economic woes.

The main-share Philippine Stock Exchange index shed 30.25 points or 0.58 percent to close at 5,205.19.

Apart from concerns on global growth, many investors reassessed gains after the market’s surge to record levels last week.

Holding firms succumbed most to profit-taking as their index slumped by 1.18 percent.

The financial, services and mining/oil counters also ended in negative territory.

On the other hand, the industrial and property counters bucked the day’s downturn.

Total value turnover amounted to P5.4 billion. There were 81 advancers against 74 decliners, while 41 stocks were unchanged.

The index stocks that led the PSEi’s decline were PLDT, AC, DMCI, SMIC, URC, BDO, Megaworld and JG Summit.

Puregold also slumped by 4.93 percent after an overnight private placement at a discount.

On the other hand, the PSEi’s slide was tempered by ALI, Metrobank, AGI, SM Prime, AEV, Globe and First Gen, which all eked out gains.

Also among the notable gainers were GT Capital, Philodrill and Bloomberry. Doris C. Dumlao