Weak regional markets dampen Phl stocks

MANILA, Philippines - Investor sentiment was dampened anew by the retreat in regional and global markets, pulling down the local bellwether index to the 6,900 support level.

The Philippine Stock Exchange index slipped 0.64 percent or 44.73 points to 6,903.79, its second straight day in the red, while the broader all shares index fell 0.47 percent or 19.49 points to 4,138.72.

Profit taking swept through Wall Street on Tuesday after stocks hit record levels and high valuations prior to the earnings season.

The Dow Jones Industrial average eased 0.69 percent or 117.59 points to 16,906.62, while the broader Standard & Poor’s 500 index dropped 0.70 percent or 13.94 points to 1,963.71.

Closer to home, Asian markets were in the negative territory after China’s inflation slowed in June, indicating timid demand in the world’s second largest economy.

Japan’s Nikkei 225 barely fell 0.08 percent or 11.76 points to 15,302.65, while Hong Kong’s Hang Seng index declined 1.55 percent or 365.31 points to 23,176.07.

Locally, most counters closed in the red, paced by holding firms that lost 1.16 percent or 73.21 points to 6,228.99. But industrial companies rose 0.10 percent or 10.46 points to 10,468.31.

Turnover value weakened anew to P5.47 billion from P6.28 billion on Tuesday. Decliners outpaced gainers, 98 to 87, while 44 stocks did not change.

Almost all active shares ended lower yesterday, led by index heavyweight PLDT (-0.33 percent), First Gen Corp. (-3.90 percent) and BDO Unibank Inc. (-1.02 percent). But Gokongwei firms Universal Robina Corp. (+0.76 percent) and Robinsons Land Corp. (+0.43 percent) bucked the trend yesterday.