News Column

PH stocks' six-day run up snapped

February 14, 2014

By Madelaine B. Miraflor, The Manila Times, Philippines



Feb. 14--With two sessions left before the local stock market takes a break for the weekend, the benchmark index on Thursday didn't manage to prolong its run and ended up on the red side for the first time in few days.

The Philippine Stock Exchange index (PSEi) ended its six-day winning streak on Thursday, falling by 0.17 percent, or 10.59 points to 6,101.72, while the broader all-shares index went down by 0.12 percent, or 4.41 points to 3,698.69.

"The PSEi, which escaped the bear's paw in Wednesday's trading, met a stiffer challenge today. Sliding by half-a-point at the opening bell, the measure dropped to and stayed on level at between -10 and -15 points thereabouts throughout the morning session," Jun Calaycay, Accord Capital Equities Corp. analyst, said.

"The afternoon session did not bring any change to the overall mood, with the PSEi eventually snapping a six-session run with a -10.59 point drop to 6,101.72," he said.

The market was influenced by external movements again, Calaycay cited, adding that overseas, Wall Street showed varied results, while Asian markets opened the day on a mixed note with Australian stocks moving higher, despite a drop in jobs numbers. Meanwhile, Japan headed lower as the yen held gains against the US dollar.

Majority of the sectoral indices also succumbed to correction with mining and oil having the largest drop, losing 1.20 percent, or 165.64 points to end at 13,653.06, followed by services, which plummeted by 1.12 percent, or 21.25 points to 1,877.96.

Property, on the other hand, fell by 0.68 percent, or 15.65 points to 2,282.70, while financials lost by 0.06 percent, or 0.94 points to 1,512.89.

However, industrial still managed to end on the green side, increasing by 0.63 percent, or 57.33 points to 9,095.39, while holding firms went up by 0.28 percent, or 15.41 points to 5,524.22.

Total value turnover thinned at P4.9 billion with decliners still beating advancers, 73 to 63.

Some of the top losers on Thursday were Metropolitan Bank and Trust Co., SM Prime Holdings Inc., Megaworld Corp., Philippine Long Distance Telephone Co., Alliance Global Group Inc., Cosco Capital Inc., GT Capital Holdings Inc.Ayala Corp., International Container Terminal Services Inc. and Puregold Price Club Inc.

On Wednesday, ending almost on the brink of a correction, Philippine shares still managed to stay on the green side for the sixth straight day. The PSEi slightly rose by 0.10 percent, or 6.28 points to 6,112.31, in contrast with the wider allshares index, which went down by 0.19 percent, or 7.21 points to 3,703.10.

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(c)2014 The Manila Times (Manila, Philippines)

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Source: Manila Times (Phillipines)


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