PSEi slips ahead of ECB meeting

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MANILA - (UPDATED 4:13 p.m.) Philippine share prices on Thursday slid for a second straight session, mirroring the weakness in the regional markets on uncertainty over the results of a European Central Bank meeting.

At the Philippine Stock Exchange, the benchmark index slipped 5.32 points or 0.10 percent to 5,293.40.

Dragging the market were the mining and oil, as well as property counters, which fell 1.47 percent and 1.33 percent, respectively.

Decliners outnumbered advancers, 94 to 75, while 45 stocks were unchanged. A total of 1.64 billion stocks worth P5.5 billion changed hands.

"The market was off to a strong start but in the end, we somehow sympathized with the rest of the regional markets ahead of the ECB meeting," said Jose Vistan of AB Capital Securities Inc.

Asian markets fell as investors chose to stay on the sidelines before an ECB announcement on key policy rates and possible signals of further stimulus measures to ease the region's debt problems.

Overnight, the Dow Jones industrial average fell 32.55 points or 0.30 percent to 12,976.13 after the US Federal Reserve offered no hint of stimulus for now, even as it reiterated its readiness to act should the employment situation get worse.

"Markets wanted central bankers to continue on the road of accommodation, therefore expecting the US Fed to announce more stimulus. The Bernanke-led FOMC meeting however felt it needed more time and information or input, delaying any action, if any, to the next meeting in September 12 to 13," said Jun Calaycay of Accord Capital Equities Corp.

Actively traded stocks were Tanduay Holdings, Security Bank, Ayala Land, Puregold and BDO.

The Lucio Tan-led liquor maker resumed its surge, rising by 49.80 percent to P11.46. Other advancers were MJCI Investments and Keppel Properties.

The biggest losers were Roxas and Co., Calata and Omico.

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