Philippine stocks close lower on possible foreign market fluctuation

MANILA, Philippines (Xinhua) - Investors opted to lock gains today ahead of the announcement of the European Central Bank.

The bellwether Philippine Stock Exchange index lost 0.77 percent or 57.79 points to 7,416.31, while the broader all-share index retreated by 0.73 percent or 31.88 points to 4,336.24.

Trading volume reached 4.05 billion shares worth P19.79 billion ($442.94 million) with 106 stocks declining, 65 advancing, and 48 unchanged.

Of the six counters, only the industrial sector bucked the trend.

Online brokerage 2TradeAsia.com said all eyes will be on the European Central Bank's (ECB) monetary policy decision due for release today as global investors prepare to react to possible surprises.

Reports say the ECB is seen injecting up to one trillion euros as part of its own quantitative easing to combat deflation and revive the ailing economy.

Likewise, investors are also monitoring funds flow movement after the Bank of Japan maintained the pace of its stimulus plan.

"Stocks with follow-through report on operations might be on radar screen, as some investors heed for sequel market-wide catalysts," 2TradeAsia.com said.

The analyst put the market's immediate support at 7,450, while resistance is seen at 7,500.

Stocks in the 30-company index closed mixed. Investors sold down JG Summit Holdings, Inc., Metropolitan Bank and Trust Co., and Ayala Land, Inc.