RP stocks on 'downbeat outlook,' shed 2.4 points

Share prices at the Philippine Stock Exchange closed slightly lower Friday as investors' sentiments were dampened by the weakness in the major bourses abroad and short-term profit takers. The PSE index slightly fell by 2.40 points or 0.07 percent to 3,426.95 points. Over 1 billion stocks valued at almost P2.928 billion were traded. Decliners outpaced advancers 72 to 54, and 45 stocks were unchanged. The PSE index slipped on "a downbeat outlook" about the market in the US, said AB Capital Securities Inc. In the US, stocks closed overnight with modest losses as traders and investors tried to reconcile another bunch of "conflicting economic signals," according to an AP report Friday. AB Capital said the market has continued to go down "on follow-through profit taking." "Weakness may come from mid-cap stocks, which recently had strong run ups and are more susceptible to profit taking," AB Capital said, pointing out that trading range will narrow in the coming sessions. The PSEi's immediate resistance, said AB Capital, is at the 3,470-point level while support is at 3,400-point level. "There could be some positioning at the support level as more second-quarter corporate earnings results will be released next week," it said. —JE/OMG, GMANews.TV