Holding firms lead PH market decline

After a three-day run-up, local stocks dipped Wednesday as some investors locked up gains while regional markets faltered on news of sluggish China factory data.

The main-share Philippine Stock Exchange index shed 8.94 points, or 0.17 percent, to close at 5,298.72 on mixed trade.

The main index was weighed down by the holding firm and mining/oil counters, which both fell by more than 1 percent. The industrial counter was also in the red. The financial, services and property counters eked out modest gains.

Value turnover amounted to P5.63 billion. There were 59 advancers, which were eclipsed by 94 decliners, while 49 stocks were unchanged.

The index was dragged lower by Ayala (-2.34 percent), Globe (-1.92 percent), Jollibee (-3.01 percent), AGI (-2.57 percent), BDO (-1.86 percent), DMCI (-1.02 percent), SM Prime (-0.57 percent) and Aboitiz Power (-0.43 percent).—Doris C. Dumlao