PHL shares extend losses in 2nd successive trading day

Philippine share prices pared their early gains in the session, extending losses for the second consecutive day on Tuesday. The Philippine Stock Exchange index (PSEi) shed 35.91 points or 0.93 percent at 3,829.92. Market breadth was negative with 89 losers trouncing 55 gainers and 33 stocks were unchanged. Two sectoral indices — Industrial and Mining & Oil — however advanced with modest gains. The four sub-indices that closed in the negative territory were the Financials, Holding Firms, Property and Services, retreating between 0.27 percent and 1.91 percent. Traded shares reached 8.49 billion valued at P4.86 billion. Tuesday’s PSEi decline reflected the drop in the US markets overnight. The Dow plunged 2.36 percent, while Nasdaq plummeted 3.29 percent. Wall Street's overnight performance was triggered by Athens' admission that Greece would be unable to meet its deficit target as much as it needed to get more financial aid. "Little to look forward to" "It is obvious...that negatives have more impact on trades than the positives. The latter, in fact, is met with subtle, or not-so-subtle doubts, if not outright cynicism..." said trader Justino Calaycay Jr. of Accord Capital Equities “With the US markets tracking Europe's decline, extending Friday's slide, there may be little to look forward to in... trades except for gradual accumulation of selected counters. At this point, the principal consideration is safety and securing capital," Calaycay added. On the PSE, four of the five most active stocks for the day slumped. DMCI Holdings Inc., the session's most actively traded, dropped P2.25 or 6.85 percent to P30.60 per share. Lepanto Consolidated Mining Co. "A" added P0.02 or 1.72 percent at P1.18. Retail giant SM Prime Holdings Inc. dipped P0.28 or 2.38 percent to P11.50, while parent SM Investments Corp. slipped P2 or 0.41 percent to P483. Port operator International Container Terminal Services Inc. slid P0.25 or 0.54 percent to P45.95. — CMA/VS, GMA News