Local stock market trips, closes lower

Local stocks failed to sustain yesterday’s surge declining 8.44 points or 0.29 percent on Friday, closing at 2,953.19. “The [local] market was actually flat [this Friday]. We are considering this a good thing," said Joseph Roxas of Eagle Equities. Overall, local stocks fell 0.35 percent or 6.70 points to 1,885.49, save for the service stocks which posted 0.39-percent or 5.92-point rise, closing at 1,515.18. Property stocks posted the biggest loss at 14.16 points or 1.39 percent to 1002.80, followed by industrial stocks which lost 24.81 points or 0.56 percent, closing at 4397.27. Meanwhile, mining and oil stocks posted a 0.54-percent or 53.42-point drop to 9,910.06. Holding firms lost 0.51 percent or 8.18 points, closing at 1585.23, while financial stocks lost 1.05 points or 0.17 percent to 633.63 points. Friday’s losers outnumbered gainers, 62 to 45, with 57 remaining unchanged. Computer software company Island Information and Technology was the day’s biggest gainer, posting a 15.38-percent rise in its stock price to P0.075 apiece. Holding firm MJC Investments Corporation posted the biggest loss at 37.69 percent to P1.62 per share. The local market is expected to track the US market’s behavior in the next few days, says Roxas, discounting any major local development to affect the local market. “The elections are quiet times for the [local] market," said Roxas Roxas noted that it will be “a volatile year" for the market with regular rise-and-fall intervals. He added, however, “If [local stocks] are to post even at least half of last year’s 60-percent growth, then that would be a good thing." - GMANews.TV