Manila—(PHStocks)—One may think that the Valentine’s Day is also felt in the local stock market today as shares went back in red (pun intended). The market sentiment could actually be attributed to Moody’s credit ratings downgrades for several countries in the eurozone, including Italy, Portugal and Spain, Slovakia, Slovenia and Malta. France, Britain and Austria, meanwhile, received a “negative” outlook. These recent developments came on the heels of yesterday’s news that the Greece parliament has approved the conditions for its second bailout package.
The mainboard Philippine Stock Exchange index (PSEi) dropped by 0.54% to 4,777.93 from 4,802.03 yesterday. This scenario has been going on for the past two weeks now, with the PSEi breaching the 4,800s before falling the next day. One good news is the continuing strength of the Financials sector, which grew by 0.4% today. The rest of the counters are down, with the Mining and Oil index losing 2.17%.
Trading volume reached 11.05 billion today, valued at PhP8.25 billion. There were 67 gainers against 93 losers, while 48 stocks remained flat.
Below are the top gainers for the day: