PH stocks continue downturn, on 3-day slide

The local stock barometer slipped for the third straight session on Thursday after failing anew to stay above the 8,000 mark in intra-day trade.

The Philippine Stock Exchange index shed 19.58 points or 0.25 percent to close at 7,966.25, weighed down most by a sell-off on Gokongwei-led stocks Universal Robina Corp. and JG Summit Holdings.

Investors sold down shares or URC and JG Summit, which fell by 4.91 percent and 6.21 percent, respectively, due to concern on earnings constraints arising from stiff competition, especially in the coffee business.

URC was the day’s most actively traded company.

The local stock index hit as high as 8,008.01 in intra-day trade but failed to sustain gains.

Across the region, heightened geopolitical tension between the United States and North Korea curbed risk-taking.

At the local market, the industrial, holding firm and mining/oil counters weighed down the main index while the financial, services and property counters firmed up.

Value turnover was thin at P5.17 billion.

There were 111 decliners that edged out 84 advancers while 52 stocks were unchanged.

Foreigners were net buyers in the stock market amounting to P168.94 million.

EDC, Ayala Corp., ALI and SMIC also slipped.

Outside the PSEi, one notable decliner was Nickel Asia, which fell by 9.02 percent even after announcing improved second quarter results.

On the other hand, PLDT gained 4.71 percent after reporting improvement in its second quarter earnings.

The telco had arrested the slowdown in revenues seen in the last six quarters and posted a 33-percent growth in first semester net profit to P16.5 billion.

SM Prime also gained 1.17 percent while Security Bank, Metrobank, Semirara and Megaworld all firmed up.