PHL share prices continue downward trend for 3rd day

Unable to find support from local developments and weakness in the listed firms’ earnings, Philippine stocks took their cue from the gloomy Asian mood, falling for the third consecutive session on Monday. The bellwether 30-company Philippine Stock Exchange index lost 21.97 points or 0.51 percent at 4,263.19 while the all shares shed 16.19 points or 0.54 percent at 2,981.19. The local stock market extended the trading until 1:10 in the afternoon following a trading halt owing to technical difficulties. Market breadth was negative with 98 losers trouncing 29 gainers and 42 stocks that closed unchanged. Save for Services, which advanced 0.12 percent, all other five sectoral indices closed in red. Suffering the worst decline was Property with a 1.02-percent slide. Volume traded 5.09 billion shares valued at P3.62 billion. Trader Justino Calaycay Jr. of Accord Capital Equities noted that investors were expected to approach the week with "caution and heightened aversion to risky propositions." All bourses in the region were trading lower. Stock markets in China, Australia, Hong Kong, Japan, Singapore and South Korea were losing between 1.37 percent and 2.10 percent. "Here at home, corporate earnings, which so far had failed to make a significant impact on share prices, or at least failed to sustain any earnings induced rallies, have began to show weakness. A number of listed firms, including index counters have reported slower bottom-line growths, joining telco industry giant PLDT. The risks presented by external events have made local investors' apprehensive and the recent weak earnings have added to the doubts," Calaycay added. Among the five most active stocks for the day, four closed lower. Developer Megaworld Corp., the day's top traded, dropped P0.08 or 3.88 percent to P1.98. San Miguel Corp. was flat at P109.50. Metropolitan Bank & Trust Co., the coungtry's second-largest lender in terms of assets, dipped P0.10 or 0.14 percent to P72.40. Holding firm Alliance Global Group Inc. declined P0.22 or 1.93 percent to P11.20. Aboitiz Power Corp. lost P0.05 or 0.17 percent at P28.45. -- CMA/OMG, GMA News