PH Stocks Down for Fifth Session

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Manila—(PHStocks)—Philippine stocks were down for the fifth straight session Tuesday, 25 June, amid continued hot money outflows due to the negative market sentiment from Fed’s announcement of tapering its QE program, and weighed even further down by the current credit crunch in China.

Although the bulls staged a late rally to somehow ease the stocks’ declines, the benchmark Philippine Stock Exchange (PSE) index still ended up down by 3.05% or 181.99 points to close today’s trading at 5,789.06, albeit slightly recovering from early losses of more than 290 points. Nevertheless, as of market close today, the PSEi has basically wiped its gains for 2013.

All counters remained in red. The Holding Firms index shed 4.33% while the Mining and Oil sector lost 3.15%. The wider All Shares index slid by 2.66%.

Trading was heavy today. Value turnover reached PhP12.97 billion on 5.18 billion shares traded. According to data from PSE, foreign buying reached PhP6.91 billion while foreign selling reached PhP8.78 billion. There were 29 gainers today against 168 losers, while 18 stocks were flat.