Downtrend Continues

PHStocks 18/05/2013 0 Comments AGI, ALCO, Alliance Global, Arthaland, Asia United Bank, AUB, BDO Leasing, BLFI, BMM, Bogo Medellin, Cebu Property, CPVB, F & J Prince, FJP, FJPB, I-Remit, ICT, International Container Terminal, IS, Island Information, JOH, Jolliville, LMG, LMG Chemicals, MAB, Manila Electric Company, Manila Mining, MBT, MER, MERALCO, Metro Pacific, Metrobank, Metropolitan Bank, MPI, MPIC, OPMB, ore, Oriental Peninsula, Oriental Petroleum, Philex Mining, Philex Petroleum, Philippine Long Distance Telephone Co., PLDT, POPI, Prime Orion, PX, PXP, SECB, Security Bank, SM, SM Investments, SM Prime, SMIC, SMPH, SUN, Suntrust, TEL, United Paragon Mining, Universal Robina, UPM, URC

Manila—(PHStocks)—Philippine stocks declined further in Friday, 17 May, amid continued profit taking. The mainboard Philippine Stock Exchange (PSE) index slid by 0.42% or -31.07 to 7,279.87 as investors continued to cash in on gains achieved over the previous rally.

Despite the bloodshed, the Financials index managed to pull in a gain of 0.03%. The rest of the counters were down, led by the Mining and Oil index, which lost 1.91%. The Property sector, meanwhile, declined by 1.46%, and the Services sector shed 0.61%. Overall, the declines are minimal, overall. The wider All Shares index slid by just 0.36%.

One key highlight during the day’s session was the IPO of the Asia United Bank Corp. (PSE: AUB). The stock was the top most active during the day, and was one of the top price gainers, gaining 9.47% from its opening price.

Trading was heavy. Value turnover reached PhP13.42 billion on 1.9 billion shares traded. There were 65 gainers against 101 losers, while 44 stocks were flat.