Local share prices dip after strong open

Local share prices slid on Tuesday, with investors taking profits as trading drew to a close after a strong opening. The Philippine Stock Exchange index lost 0.55 percent or 17.02 points to 3,061.89, still above the 3,000 psychological level. "The local market actually tracked Wall Street during its opening, but we observed profit-taking towards the end. Asian markets are also up, so we’re now seeing a short-term resistance of 3,100," analyst Harry Liu of Summit Securities said. "In the medium-term, we expect a consolidation within the 2,900 to 3,100 level. The market is also set to move upwards in the long term as long as it does not go lower than 2,700," he added. The Dow Jones industrial average advanced by 79 points overnight, while the Standard & Poor’s 500 index added 11 points. The NASDAQ composite also jumped by 35 points. On the local front, 1.69 billion stocks worth P3.55 billion were traded, with 74 losers, 46 gainers and 57 stocks unchanged. Five of the six subindices declined, led by property stocks, which slipped by 2.18 percent or 23.35 points to 1,046.03. Mining and oil companies also went down by 1.57 percent or 152.57 points to 9,543.96, while industrial shares shed 0.9 percent or 42.06 points to finish at 4,625.7. Financial stocks likewise lost 0.84 percent or 5.5 points to 645.94, while holding firms ended 0.19 percent or 3.23 points lower at 1,734.04. Service stocks bucked the trend, gaining 0.78 percent or 11.89 points to 1,545.06. A shares of ATN Holdings, Inc. were Tuesday’s biggest gainer, adding P1.90 to P7 apiece. On the other hand, biggest loser Active Alliance, Inc. shed P1.90 to P7.10. Dominant carrier Philippine Long Distance Telephone Co. (PLDT) was the day’s most traded stock, adding P15 to P2,675. — Nikka Corsino/NPA, GMANews.TV