Dow’s record performance fails to boost Phl stocks

MANILA, Philippines - Local share prices tumbled for the fifth straight session, ignoring the record performance of the Dow Jones Industrial Average.

At the Philippine Stock Exchange, the benchmark index retreated by another 40.81 points or 0.63 percent to close at 6,436.49.

Decliners edged out advancers, 86 to 61, while 43 issues were unchanged. A total of 1.29 billion stocks worth P8.42 billion changed hands.

Leading the market’s losses were the mining and oil and financial sectors, which dropped 1.24 percent and 1.09 percent, respectively.

Most actively traded stocks were Marcventures, Meralco, PLDT, Metrobank and SM Prime. Top gainers were Roxas Holdings, Roxas and Co., and Panasonic, while the biggest losers were Trans-Asia, Suntrust and ATN.

Overnight, the Dow Jones Industrial Average posted another record performance to close at 15,746 on optimism that the Fed would continue its stimulus for an extended period.

Asian stock markets were mostly weaker yesterday, with a cautious mood prevailing ahead of key US data that will provide further clues on when the Federal Reserve will cut monetary stimulus.

Japan’s Nikkei 225 shed 0.7 percent to 14,228.44 and Hong Kong’s Hang Seng was down 0.68 percent at 22,881.03. China’s Shanghai Composite fell 0.3 percent to 2,134.27 and Seoul’s Kospi dipped 0.5 percent to 2002.85.

Benchmarks in Taiwan and Australia were also lower but Singapore, Jakarta and India bucked the trend.