Share prices dip

The local stock index on Thursday dipped for the third straight day as investors fretted over unresolved debt woes in Greece and global credit watcher Moody’s threat to downgrade a number of global banks.

The Philippine Stock Exchange index gave up 5.9 points, or 0.12 percent, to finish at 4,766.57.

The financial and mining/oil counter took the worst beating for the day, falling by 0.95 percent and 1.75 percent, respectively. These counters were weighed down by Metrobank, BDO, BPI, Philex and Semirara. Trading on the industrial counter was likewise sluggish.

On the other hand, the PSEi’s overall decline was tempered by the 0.65-percent gain by index heavyweight PLDT, which closed at P2,764 per share. An increase in the prices of DMCI, ALI, AP, RLC, SMIC and AEV also curbed the PSEi’s losses for the day.

Value turnover for the day amounted to P6 billion. There were 71 advancers against 81 decliners while 42 stocks were unchanged.

One notable gainer for the day was Union Bank, whose shares surged by 5 percent to P105 per share.

Meanwhile, NiHao, Security Bank, Geograce and GMA Holdings all fell on profit-taking.

Across the region, sentiment was weak as European finance ministers failed to resolve all the issues surrounding a second aid package for Athens.

Also, Moody’s yesterday warned that it would lower the credit ratings of 17 global and 114 European financial institutions, suggesting ripples from the euro zone crisis were escalating.

On Wall Street, the Dow Jones Industrial Average fell by 97.33 points, or 0.76 percent, largely affected by the decline in the shares of Apple amid reports that the company had asked online retailer Amazon to stop selling iPads in China.  Doris C. Dumlao