Business

PH Stocks Fail to Rebound

Manila—(PHStocks)—Philippine stocks failed to sustain early trading gains and closed the first trading day of the week still in the red – albeit maintaining the 6,000 level.

The Philippine Stock Exchange index (PSEi) gained 52.12 points at the start of the morning trade, but went down by as much as 25.86 points amid news that the World Bank is cutting its growth forecast for the country because of the aftermath of Typhoon Yolanda (International Name: Haiyan).

The PSEi closed at 6,008.94, down by 0.1% or 6 points. Despite this, some sectors still managed to post gains: the Holding Firms (+0.78%) and Mining and Oil (+0.12%) indices. The biggest loser, meanwhile, was the Property segment, which shed 1.18%. The wider All-Shares index, on the other hand, dropped by 0.21%.

Trading was weak, with value turnover reaching only PhP4.576 billion on 785 million shares traded. There were 53 gainers against 99 losers, while 40 stocks remained flat.

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