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MANILA, Philippines - (UPDATED 5:14 p.m.) Philippine share prices on Friday stretched its losing streak to a third session on lingering concerns in Europe.
At the Philippine Stock Exchange, the composite index shed 33.96 points or 0.65 percent to close at 5,158.14.
Decliners beat advancers, 130 to 52, while 26 stocks were unchanged. A total of four billion stocks worth P6.07 billion changed hands.
“The market basically had its peaks and valleys. It was up and down on a consolidation phase given the concerns overseas, specifically Europe," said Astro del Castillo, managing director at First Grade Finance Inc.
Investors were still weighing the full impact of the geopolitical risks in Europe, said Freya Natividad, investment analyst at 2TradeAsia.com, as political changes in France and uncertainties in Greece put at risk austerity plans and worsen the region’s debt crisis.
Also adding to concerns was China’s slowing economy following the release of lower than expected industrial output, weakening retail sales and easing prices.
Overnight, the Dow Jones industrial average eked out a slim gain to snap out of a six-day slump. It rose 19.98 points, or 0.2 percent, to 12,855.04.
Tourism-related shares Bloomberry Resorts Corp., Alliance Global Group Inc. were the two-most actively traded stock, which lost 1.10 percent and 0.31 percent, respectively. Chinese travel agencies on Thursday suspended tourist packages to the Philippines as tensions over disputed islands in the West Philippine Sea heightened.
Other active stocks were SM Investments Corp., Philippine Long Distance Co. Inc. and Metropolitan Bank & Trust Co.
Shares in Rockwell Land Corp. soared 235.62 percent on its listing debut to become the day's biggest gainer, alongside Concrete Aggregates Corp. and Federal Resources Investment group Inc.
Top losers were Easycall Communications Phils. Inc., Omico Corp. warrants and Jolliville Holdings Corp.
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