Stocks close lower
The Philippine Stock Exchange index (PSEi) Friday slipped, weighed down by jitters in the local property sector and the slump in US stock future as the first case of Ebola was reported in New York.
The PSEi lost 12.58 points, or 0.18 percent, to close at 7,103.55.
Regional markets were mostly upbeat in early trade following the overnight gains on Wall Street, which was brought on by better US corporate earnings.
Traders work at the Philippine Stock Exchange. AFP
Regional markets turned cautious later in the day, however, on reports of the first Ebola case detected in New York—the most populous city in the United States and a major global financial center.
The cyclical financial and property counters led the day’s decline, alongside the mining/oil counter. On the other hand, the industrial, holding firm and services counters firmed up.
Value turnover was thin at P6.5 billion. There were 84 advancers against 93 decliners while 37 stocks were unchanged.
The PSEi was led lower by property stocks Megaworld and ALI, which both fell by over 1 percent. AGI, GTCAP, BDO and Metrobank also weighed down the index.
On the other hand, the industrial, holding firm and services firms firmed up.
Bucking the PSEi’s downturn was Bloomberry (+2.18 percent), the day’s most actively traded stock.
Meralco and SMIC likewise gained by over 1 percent.
PLDT, SM Prime, AC and RLC also eked out modest gains. Doris C. Dumlao
