PHL share prices inch lower, extend losses for 3rd day

Philippine share prices edged lower on Tuesday, extending losses for the third straight session. The benchmark 30-company Philippine Stock Exchange index lost 4.94 points or 0.11 percent at 4,292.91 while the all shares shed 7.38 points or 0.24 percent at 3,027.23. Losers dominated gainers, 84 to 62, while 48 stocks closed unchanged. The six sub-indices were split in half, with Mining & Oil, Property and Holdings Firms retreating, while Financials, Industrial and Services advancing. Volume traded reached 6.52 billion shares valued at P2.49 billion. The uncertainty in the debt situation in Europe has influenced the lackluster trading of the local market. "In the absence of fresh domestic leads, local investors may opt to track movements in overseas markets," said trader Justino Calaycay Jr. of Accord Capital Equities. On Monday, European bourses closed lower as Germany took a hardline stance on the Greece bail-out, raising the possibility of Athens defaulting on its loans. Meanwhile, as of mid-session Tuesday, Asian markets were generally trading higher. In the local bourse, three of the five most active stocks posted gains. SM Investments Corp., the holding firm of the SM group and the day's top traded, rose P2 or 0.36 percent to P552. Philex Mining Corp. dipped P1.15 or 4.24 percent to P25.95. Lepanto Consolidated Mining Co. "A" added P0.01 or 0.74 percent at P1.36. Philex Petroleum Corp. climbed P1.36 or 15.81 percent to P9.96. Aboitiz Equity Ventures Inc., which holds the business interests of the Aboitiz family, was flat at P39.10. —CMA/OMG, GMA News