RP stocks dip as Wall Street continues free fall

Share prices on the Philippine Stock Exchange (PSE) barely moved on Thursday as Europe's economic woes continue to grip overseas markets. The PSE index slid 10.47 points or 0.32 percent to finish at 3,213.8. About 731 million stocks worth P3.01 billion changed hands, with losers leading gainers 54 to 45 while 68 traded unchanged. The main index was slightly up toward the last half-hour of trading, when sellers came and dragged prices lower. "The market is soft also because of the softness in the global markets. And we are also watching for the final outcome of the vice presidency [in the recently concluded Philippine elections]. At the end of the day, market is expected to consolidate," Harry Liu of Summit Securities told GMANews.TV. The Dow Jones Industrial Average dropped 66.58 points overnight, after falling by as much as 150 points in mid-trade. The NASDAQ composite fell by 18.89 points, while the Standard & Poor's 500 index shed 5.75 points. Liu said the ongoing tension between government troops and militants in Bangkok, Thailand has so far not adversely affected the global market. Most investors seemed to have accepted that Sen. Benigno Aquino III would be the next Philippine president, which makes the market resilient despite the series of negative news overseas, Liu noted. Aquino's apparent victory "is the one that is giving a positive underlying support to the market," Liu said. The broader all-share index shed 0.81 point or 0.04 percent to end at 2,031.45. Half of the six subindices declined, led by property stocks which declined by 12.86 points or 1.09 percent to finish a 1,167.05. Financial stocks lost 5.94 points or 0.84 percent to close at 703.44, and industrial stocks shed 15.27 points or 0.31 percent to end at 4,958.04. Bucking the trend were holding firms which added 7.88 points 0.38 percent to finish at 2,104.38. Service stocks inched up by 4.16 points or 0.28 percent to 1,469.15, while mining and oil stocks closed 8.42 points higher or 0.1 percent at 8,327.51. Top gainer Ever Gotesco Resources & Holdings Inc. added almost 2 centavos to finish at 12 centavos, while top loser Asia Amalgamated Holdings shed 5 centavos to close at 20 centavos. Most traded stock Energy Development Corp. was unchanged at P4.95, while dominant carrier Philippine Long Distance Telephone Co. finished P5 lower at P2,450.—VS, GMANews.TV