Index down anew in lackluster trading
MANILA, Philippines - The bellwether index declined for the third straight session in another lackluster trading yesterday.
The Philippine Stock Exchange index declined 0.57 percent or 39.08 points to 6,850.47, while the broader all shares index shed 0.51 percent or 21.01 points to finish at 4,108.88.
Investors again refused to commit to stocks prior to the annual SONA of President Aquino and the Bangko Sentral ng Pilipinas Monetary Board meeting late this week.
Turnover value sank to P4.56 billion from P6.8 billion on Friday. Decliners dominated gainers, 121 to 52, while 46 stocks did not change.
The Dow Jones industrial average dropped 0.72 percent or 123.23 points to 16,960.57, while the broader Standard & Poor’s 500 index eased 0.48 percent or 9.64 points to end at 1,978.34.
Closer to home, Asian stocks posted gains due to strong earnings of industrial firms in world’s second largest economy China. Japan’s Nikkei 225 closed 0.46 percent or 71.53 points higher at 15,529.40.
At home, all counters were in the red, paced by mining and oil that lost 1.11 percent or 186.96 points to 16,634.68 while property firms slipped 0.84 percent or 21.80 points to 2,575.17.
Blue chips dragged the main index yesterday. Andrew L. Tan-led companies Megaworld Corp. (-2.74 percent) and Alliance Global Group Inc. (-3.72 percent) fell on profit taking.
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