PH Stocks Back in Red

Local shares closed Wednesday’s trading day bleeding, with the main board Philippine Stock Exchange index (PSEi) declining for the second consecutive day – closing at 0.9% or 35.11 points lower. All sectoral indices slid as well, with the Property sector suffering the biggest drop at 2.11%, followed by Financials with 1.86%.

Coming off a 0.67% gain yesterday, the Mining & Oil index has the lowest or most negligible decline today, closing at just 0.095% lower to 13,943.87 points.

Trading volume only reached 1.296 billion shares, valued at PhP5.99 billion. Losers outnumber gainers 91 to 38, while 41 stocks remain unchanged.

Leading the gainers is Cebu Property Ventures and Development Corp. (PSE: CPV), which posted a 15.38% increase in share price to  PhP2.10. Mabuhay Holdings Corp. (PSE: MHC) gained 10% in its stock price, while Philippine Long Distance Telephone Co.’s (PLDT) 10% Cumulative Convertible Pref. Series Y (PSE: TELY) closed with a 9.85% increase.

Other companies posting share price growth for Wednesday include IP E-Game Ventures Inc. (PSE: EG), San Miguel Properties Inc. (PSE: SMP), Empire East Land Holdings Inc. (PSE: ELI), Tanduay Holdings Inc. (PSE: TDY), Liberty Flour Mills Inc. (PSE: LFM), ISM Communications Corp. (PSE: ISM), and Philippine Realty and Holdings Corp. (PSE: RLT).

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