PHL share prices slide, snap 3-day run

The lack of positive developments led Philippine share prices to fall on Tuesday, snapping a three-day winning streak. The bellwether 30-company Philippine Stock Exchange index plunged 50.60 points or 1.18 percent to 4,244.64 while the all shares stumbled 17.60 points or 0.59 percent to 2,971.72. Gainers, however, outnumbered losers, 76 to 58, while 46 stocks closed unchanged. Four of the six sub-indices ended in the red, led by Services' 3.78-percent declined. Volume traded reached 5.11 billion shares valued at P7.67 billion. The local bourse's negative mood was particularly stark as Asian peers were mostly trading higher. Main indices in Tokyo, Seoul and Taipei were advancing over one percent. Australia’s All Ordinaries and Hong Kong’s Hang Seng were also logging in gains. "The market will continue to be in a consolidation mode due to the lack of a fresh catalyst. We believe that the current technical rebound will lack follow through. There are some potential head winds that will put a lot of pressure on investors to sell," AB Capital said in a market note posted at its website. In the local market, three of the five most active stocks for the session retreated. Telecommunications giant Philippine Long Distance Telephone Co., the day's top traded, dropped P122 or 4.98 percent to P2,328. Ayala Corp., one of the country's largest business groups, slipped P4.40 or 1.13 percent to P386. Banco de Oro Unibank Inc., the country's largest lender in terms of assets, rose P0.70 or 1.21 percent to P58.50. Metropolitan Bank & Trust Co. dipped P0.35 or 0.50 percent to P69. Diversifying conglomerate San Miguel Corp. jumped P0.70 or 0.63 percent to P110.80. -- CMA/OMG, GMA News