Local shares slide on lower US, Asian markets
12/18/2009 | 01:56 PM
Philippine share prices declined on Friday, taking their cue from the losses posted by global markets, analysts said.
The benchmark 30-company Philippine Stock Exchange index slid 31.16 points or 1.02% to 3,016.99 while the all shares dipped 10.57 points or 0.56% to 1,890.83.
All six sectoral indices closed in the red. Property stocks suffered the worst with a 2.26% retreat.
Losers outpaced gainers 66 to 35 while 64 stocks closed unchanged.
Volume traded reached 1.31 billion valued at P2.65 billion.
"We tracked the decline in foreign markets. Investors are also lightening their load as the holiday break nears," said James Lago of PCCI Securities.
Overnight, Wall Street ended weaker. The Dow Jones industrial average dropped 133 points, while S&P 500 dipped 13 points and tech-heavy Nasdaq skidded about 27 points.
Save for New Zealand and Taiwan's, most Asian bourses were trading lower as of mid-session.
In the local market, SM Investments Corp., the holding company of the SM group, was the day's top trade. It cornered 18.35% of the total market value. Its shares rose P2.50 or 0.81% to P312.50.
Ayala-led Manila Water Co., Inc. lost 25 centavos or 1.61% at P15.25. Dominant carrier Philippine Long Distance Telephone Co. shed P40 or 1.53% at P2,570.
Energy Development Corp. was steady at P4.55. Mining firm Century Peak Metal Holdings Corp. slipped 20 centavos or 2.82% to P6.90. -CMA, GMANews.TV
The benchmark 30-company Philippine Stock Exchange index slid 31.16 points or 1.02% to 3,016.99 while the all shares dipped 10.57 points or 0.56% to 1,890.83.
All six sectoral indices closed in the red. Property stocks suffered the worst with a 2.26% retreat.
Losers outpaced gainers 66 to 35 while 64 stocks closed unchanged.
Volume traded reached 1.31 billion valued at P2.65 billion.
"We tracked the decline in foreign markets. Investors are also lightening their load as the holiday break nears," said James Lago of PCCI Securities.
Overnight, Wall Street ended weaker. The Dow Jones industrial average dropped 133 points, while S&P 500 dipped 13 points and tech-heavy Nasdaq skidded about 27 points.
Save for New Zealand and Taiwan's, most Asian bourses were trading lower as of mid-session.
In the local market, SM Investments Corp., the holding company of the SM group, was the day's top trade. It cornered 18.35% of the total market value. Its shares rose P2.50 or 0.81% to P312.50.
Ayala-led Manila Water Co., Inc. lost 25 centavos or 1.61% at P15.25. Dominant carrier Philippine Long Distance Telephone Co. shed P40 or 1.53% at P2,570.
Energy Development Corp. was steady at P4.55. Mining firm Century Peak Metal Holdings Corp. slipped 20 centavos or 2.82% to P6.90. -CMA, GMANews.TV
