Local stocks lose steam, close lower

Despite a strong open, the market failed to sustain its momentum shedding 3.44 points (0.11%) to close down at 3,118.47. Overall shares went down by 0.03% or 0.56 points to 1,950.97 points, with the Property index plunging by 1.94% or 21.35 points to 1,081.05. The Financials index also fell by 0.12% or 0.84 points to 674.16 points. The Mining and Oil index shot back up from yesterday’s drop, rising by 1.18% or 122.58 points to 10,509.63 points. The Industrial index changed by 1.38% or 6.57 points to 4,763.62 points, while Holding Firms went up by 0.16% or 2.56 points to 1,637.51 points. Services index registered 0.24% growth or 3.80 points or 1,569.10 points. Market gainers barely outnumbered losers, 51 to 50, with 66 unchanged. Friday’s trade remained brisk at 1.10 billion with a total value of P3.98 billion. One of yesterday’s top gainers, Mining company Apex Mining Company, Inc. dropped to become Friday’s top loser, with a -8.33% change to P2.75 per share. Despite this week’s close, analyst Emmanuel Soller of Equitiworld Securities says the market is in good shape. “From the start of the year, the market still went up by around 40 points. We expect a steady rise until February," Soller said. “I think the market is looking for a very good incentive. We expect a rise in investments this coming Chinese New Year. It may not be an aggressive rise, but at least it will be a gradual one," Soller added. - GMANews.TV