Philippine stocks end lower

After hitting record highs last week, local stocks opened the week on a sluggish note as overseas caution arising from a disappointing US payrolls and slower growth in China spilled over to the market.

The main-share Philippine Stock Exchange index shed 15.60 points, or 0.35 percent, to finish at 4,375.86 as investors also took a respite from last week’s run-up to new highs.

Trading was mixed across sectors, with the mining/oil, financial and industrial counters ending in positive territory and the holding firms, property and services counters ending in the red.

Value turnover was thin at P4.3 billion compared with the P5.8-billion turnover (less the block transactions arising from Metro Pacific Investments’ fresh capital-raising) on Friday. There was P86 million in net foreign selling for the day.

There were 63 advancers against 71 decliners while 47 stocks were unchanged.

EDC, PLDT, SM Prime, PNB, BDO, Megaworld, DMCI, AGI and Semirara all ended in the red. On the other hand, Metrobank, San Miguel Corp., Atlas Mining, Metro Pacific Investments, Petron, First Hold-
ings, Manila Water, First Gen and Anglo Phil gained in heavy trade.

PNB was among the day’s biggest losers, declining 5.04 percent to P60.30 on reports that its president Eugene Acevedo—who had brought good tidings to the stock when he assumed office about a year ago—was stepping down.—Doris C. Dumlao