Bulls Fail to Lead Rebound for PH Stocks

PHStocks 15/03/201315/03/2013 0 Comments AAA, AB, Aboitiz Power, AP, Asia Amalgamated, Asian Terminals, ATI, Atok-Big Wedge, BLOOM, Bloomberry, Calapan, CHIPS, Cirtek, EDC, Energy Development, H2O, Highlands Prime, HP, IMPB, Imperial Resources, iRipple, ISM, ISM Communications, Manila Bulletin, MB, Panasonic, Philippine National Bank, Philippine Stock Exchange, Philippine Stock Market, Philippine stocks, PMPC, PNB, PRIM, Prime Media, Primex, PRMX, PSE, PSE Index, PSE news, PSEi, PSEi news, RPL, San Miguel, SMC, TBGI, Transpacific Broadband, Wellex, WIN

Manila—(PHStocks)—Philippine stocks closed this week’s trading on a negative note as simultaneous profit taking and bargain hunting swamped the market. The Philippine Stock Exchange (PSE) index slid for the fifth straight session, losing 0.6% or 40.11pts to end Friday, 15 March, at 6,654.6.

Nevertheless, the Industrials and Holding Firms managed to recover slightly, gaining 0.38% and 0.65%, respectively. The biggest loser was the Financials index, which shed 2.12%. The Property sector, for its part, dropped by 0.87%, while the Services index lost 0.84%. The wider All Shares index, on the other hand, shed 0.33%.

The bulls failed to lift the market as investors continuously snapped gains they see in most stocks. The declines, meanwhile, were not as drastic or significant as confidence continued to surround the market, as investors scoop up bargains. All in all, value turnover reached PhP12.38 billion on 1.74 bilion shares traded. There were 57 gainers against 102 losers, while 51 stocks were flat.