Local shares dip, track weak Wall Street
11/25/2009 | 12:57 PM
Philippine share prices closed lower on Wednesday, tracking the equally sluggish overnight performance of US stocks.
The main Philippine Stock Exchange index shed 10.36 points or 0.3369 percent at 3,064.30 while the all shares lost 7.51 points or 0.3933 percent at 1,901.94.
Five of the six sub-indices were in the red, retreating anywhere between 0.095 percent and 0.9642 percent. Mining and Oil was the sole sector which ended in the positive territory with a 1.1666-percent gain.
Market breadth was negative with 63 losers against 37 gainers and 63 other stocks which closed unchanged.
Volume was also lower with 2.93-billion stocks worth P3.01 billion changing hands.
"The GDP (gross domestic product) and consumer spending reports in the US showed that the positive sentiment prevailing over the markets has yet to be concretized," said Daryl Eunika Maloles, analyst at online stock portal 2TradeAsia.
The US economy posted a growth of 2.8 percent in the third quarter while American consumers were seen to remain cautious about their spending.
Overnight Tuesday, the Dow Jones industrial average gave up 17.4 points while both S&P 500 and tech-heavy Nasdaq were in the red.
"At the local market, players are on a wait-and-see mode," Maloles added.
Mining firm Century Peak Metal Holdings Corp cornered 12.47 percent of the total market and the day's top-traded. Its shares rose P0.30 or 4.6875 percent to P6.70.
Developer Megaworld Corp. dipped P0.04 or 2.7397 percent to P1.42 while parent firm Alliance Global Group Inc. skidded P0.05 or 1.1494 percent to P4.30.
Philex Mining Corp., the country's largest miner, jumped P0.25 or 1.3158 percent to P19.25.
Port operator International Container Terminal Services Inc. surged P1.50 or 6.8966 percent to P23.25. - Cheryl M. Arcibal, GMANews.TV
The main Philippine Stock Exchange index shed 10.36 points or 0.3369 percent at 3,064.30 while the all shares lost 7.51 points or 0.3933 percent at 1,901.94.
Five of the six sub-indices were in the red, retreating anywhere between 0.095 percent and 0.9642 percent. Mining and Oil was the sole sector which ended in the positive territory with a 1.1666-percent gain.
Market breadth was negative with 63 losers against 37 gainers and 63 other stocks which closed unchanged.
Volume was also lower with 2.93-billion stocks worth P3.01 billion changing hands.
"The GDP (gross domestic product) and consumer spending reports in the US showed that the positive sentiment prevailing over the markets has yet to be concretized," said Daryl Eunika Maloles, analyst at online stock portal 2TradeAsia.
The US economy posted a growth of 2.8 percent in the third quarter while American consumers were seen to remain cautious about their spending.
Overnight Tuesday, the Dow Jones industrial average gave up 17.4 points while both S&P 500 and tech-heavy Nasdaq were in the red.
"At the local market, players are on a wait-and-see mode," Maloles added.
Mining firm Century Peak Metal Holdings Corp cornered 12.47 percent of the total market and the day's top-traded. Its shares rose P0.30 or 4.6875 percent to P6.70.
Developer Megaworld Corp. dipped P0.04 or 2.7397 percent to P1.42 while parent firm Alliance Global Group Inc. skidded P0.05 or 1.1494 percent to P4.30.
Philex Mining Corp., the country's largest miner, jumped P0.25 or 1.3158 percent to P19.25.
Port operator International Container Terminal Services Inc. surged P1.50 or 6.8966 percent to P23.25. - Cheryl M. Arcibal, GMANews.TV
