The local stocks index marginally dipped Friday, bucking buoyant trading across the region, as mining and oil woes curbed risk-taking.
The main-share Philippine Stock Exchange index shed 2.91 points or 0.05 percent to close at 5,292.06. The mining and oil index tumbled 2.77 percent as the market priced in a projected decline in the profit of blue chip Philex for this year.
Philex declined by 6.44 percent while exploration unit Philex Petroleum, which was mentioned during a heated Senate discussion about Philippine-China relations, slid by 15.16 percent and was the day’s steepest decliner.
Holding firms and services also fell. On the other hand, overall index losses were tempered by the modest gains posted by the industrial and property counters.
Elsewhere across the region, stock markets were mostly higher as technology stocks provided some catalyst with the debut of the much-awaited Apple smartphone product iPhone 5. Hopes for further monetary stimulus in China, specially given indications of weak manufacturing output, also aided Asian stocks.
At the local market, however, investors were more cautious. There were only 63 advancers, which were overwhelmed by 91 decliners, while 47 stocks were unchanged. Value turnover amounted to P5.54 billion.
Other stocks that contributed to the PSEi’s decline were Metrobank (-1.09 percent), PLDT (-0.64 percent), MPI (-2.38 percent), Semirara (-0.99 percent) and BDO (-1.93 percent). SM Prime, First Gen and Ayala also ended lower. On the other hand, the day’s outperformers were
AGI (+1.82 percent), URC (+0.87 percent), BPI (+1.95 percent), Ayala Land (+2.56 percent) and Meralco (+1.63 percent).
Among nonindex stocks, a notable gainer was Philippine Seven (+3.5 percent), which recently took in a strategic investor. Puregold and Bloomberry also gained in heavy trade.