RP stock index continues drop despite Wall Street rise

Local share prices extended their fall on Tuesday despite Wall Street’s fifth straight rise overnight, succumbing to profit-taking by investors. The Philippine Stock Exchange index went down by 0.63 percent or 20.85 points to 3,278.84 in lively trade where almost four billion stocks worth P8.17 billion changed hands. "It’s understandable because the market really needs consolidation. There are stocks that really had to correct, but overall, it's still a healthy sign," analyst Astro del Castillo of First Grade Holdings said. He added that the market would likely continue falling on Friday and move between 3,280 and 3,300 points. Losers beat gainers 67 to 41, while 60 stocks were unchanged. Four of the six subindices dropped. The broader all-share index shed 0.45 percent or 9.17 points to 2,032.06 Metrobank, the most traded stock, was steady at P51.50. Top gainer Roxas and Company, Inc., added 50 centavos to P1.58, while top loser Eton Properties Philippines, Inc. lost 30 centavos to P3.40. Dominant carrier Philippine Long Distance Telephone Co. lost P40 to P2,485, while Metro Pacific Investments Corp. shed 10 centavos to P3. Globe Telecom, Inc. also fell by P5 to P960, while Energy Development Corp. lost 10 centavos to finish at P5.10. On the other hand, International Container Terminal Services, Inc. gained P2 to P27.50, while Aboitiz Power Corp. added 25 centavos to P14.50. Holding firms closed 1.21 percent or 25.64 points lower at 2,090.61, while industrial stocks shed 0.84 percent or 42.08 points to 4,976.79. Service stocks also lost 0.68 percent or 10.21 points to 1,486.2, while the financial index slid by 0.46 percent or 3.23 points to 701.15. Bucking the trend, property stocks added 0.15 percent or 1.8 points to 1,204.64, while mining and oil companies finished 0.01 percent or 1.04 points higher at 9,551.5. — Nikka A. Corsino/NPA, GMANews.TV