Philippine Daily Inquirer
5:55 pm | Thursday, January 9th, 2014
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MANILA, Philippines—The local stock barometer slipped on Thursday, still hitting a strong barrier near the 6,000 level and likewise weighed down by sluggish regional markets and jitters on the local power sector.
The main-share Philippine Stock Exchange index shed 48.97 points or 0.82 percent to close at 5,937.51.
Across the region, stock markets were mostly lower due to a weak manufacturing indicator out of China alongside the release of US Federal Reserve minutes suggesting declining benefits from its monetary stimulus program, which in turn affirmed the thrust towards the tapering of its bond buying operations.
Most counters were in the red but the worst hit were the financial (-2.06 percent) and property (-1.11 percent) sub-indices as the bottoming out of interest rates globally, given the US Fed’s tapering move, is seen to gnaw at these sectors. Only the services counter ended with a modest gain.
Market breadth was negative at the local bourse, with 48 advancers being overwhelmed by 93 decliners. Value turnover amounted to P5 billion.
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