6:18 pm | Wednesday, July 9th, 2014
INQUIRER FILE PHOTO
MANILA, Philippines — The local stock index slipped for the second straight session as lofty prices drove more profit-taking.
The Philippine Stock Exchange index lost 44.73 points or 0.64 percent to close at 6,903.79.
Most counters fell, led by the holding firm counter (-1.16 percent).
Turnover was thin at P5.47 billion.
There were 87 advancers against 98 decliners while 44 stocks were unchanged.
The most battered PSEi stocks were FGEN (-3.9 percent), JGS (-3.38 percent) and AEV (-2.24 percent).
BDO, Megaworld and AC all declined by over 1 percent while PLDT, AGI, SM Prime, ALI, Metrobank, BPI and SMIC also weighed down the index.
Outside of the PSEi, Vitarich (-5.36 percent) also succumbed to profit-taking.
On the other hand, the PSEi stocks that bucked the day’s downturn were URC, RLC and Globe.
Non-PSEi stocks Sinophil (+1.95 percent) and Vista Land (+0.51 percent) also gained in heavy trade.
In a recent research, Citigroup said it saw that stronger global growth in the second half would support Asia. Within a Pan-Asian portfolio, it saw Taiwan and Japan as the most attractive markets while the least attractive were the Philippines, Indonesia and Thailand. The Philippines and India were cited as the most expensive equity markets in the region.
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