Phl stock prices ease on sideways trading

MANILA, Philippines - Share prices traded sideways yesterday, dragging the main composite index 0.14 percent or 9.82 points lower at  6,762.62.

“The market is still moving sideways,” Miguel A. Agarao, an analyst at Wealth Securities Inc., said in a phone interview.

Agarao said investors are assessing different leads like the stimulus measures in the Eurozone and the tapering of the US Federal Reserve.

In contrast, Wall Street climbed anew overnight as investors expect liquidity to remain high with the European Central Bank’s stimulus measures. The Dow Jones industrial average rose 0.59 percent or 98.58 points to 16,836.11, while the broader Standard & Poor’s 500 index added 0.65 percent or 12.58 points to close at 1,940.46.

Asian markets were mixed yesterday ahead of the release of the US payrolls data.

Locally, most counters were in the negative territory, led by holding firms that eased 0.34 percent or 20.82 points to 6,165.41. Industrial companies gained 0.11 percent or 11.05 points to finish at 10,366.56.

Investor participation went down as P7.84 billion worth of shares changed hands from P8.81 billion on Thursday. Losers outpaced advancers, 95 to 74, while 48 stocks did not change.

Most traded shares were in the red, paced by blue chips Megaworld Corp. (-0.86 percent), PLDT (-0.07 percent), Ayala Land Inc. (-0.16 percent) and Security Bank Corp. (-0.94 percent). Top-traded Sinophil Corp. (+15.70 percent) continued its ascent following a reorganization plan that will make it SM Group’s gaming arm.