PH Stocks Extend Losses for Third Day

PHStocks 26/09/201327/09/2013 0 Comments AAA, AG Finance, AGF, AGI, AgriNurture, ALI, Alliance Global, ANI, Asia Amalgamated, Ayala, Bankard, BKD, Calapan, Citystate Savings Bank, CSB, Cyber Bay, CYBR, DFNN, F & J Prince, FFI, Filipino Fund, FJP, GT Capital, GTCAP, H2O, IP E-Game, Island Information, ISM Communications, JOH, Jolliville, LT Group, LTG, Mabuhay Holdings, Manila Electric, Manila Jockey Club, MBT, MERALCO, Metrobank, MHC, MJC, Nextstage, NXT, PAcifica, PLDT, San Miguel, SECB, Security Bank, SGP, SM Investments, SMC, Synergy Grid, TEL, Universal Robina, URC, Wellex, WIN

Manila—(PHStocks)—Philippine stocks extended their declines Thursday, 26 September, amid continued concern in the U.S. budgetary issues.

The Philippine Stock Exchange index (PSEi) slid by 0.2% to 6,407.46, barely keeping its hold on the 6,400 level as most investors either sold their positions or stayed in the sidelines to await certain market directions.

Nevertheless, there are still stocks that are braving the current bearish market environment. For one, the Holding Firms sector managed to eke up some gains, edging higher by 0.12%, lifted by LIHC (+2.67%) and JGS (+2.11%), which was probably driven by news that tycoon John Gokongwei may be acquiring San Miguel Corp.’s (SMC) remaining stake at Manila Electric Company (MER).

Leading the losers, meanwhile, was the Mining and Oil segment, which shed 1.14% – wiping out its gains yesterday. Despite this, the wider All Shares index just lost 0.34% – lower than yesterday’s 0.57% – somehow reflecting a wait-and-see approach by investors.

Trading was moderate today. Value turnover reached PhP6.9 billion on 798.8 million shares traded. There were 48 gainers against 94 losers, while 42 stocks were flat.