Index declines as investors take profits
MANILA, Philippines - The stock market declined yesterday with investors deciding to take profit as trading drew to a close.
The Philippine Stock Exchange index lost 0.55 percent or 17.02 points to 3,061.89.
Analysts said they expect a market consolidation within the 2,900 to 3,100 level.
‘’The market is also set to move upwards in the long term as long as it does not go lower than 2,700,” they said.
The Dow Jones industrial average advanced by 78 points overnight, while the Standard & Poor’s 500 index added 11 points.
On the local front, 1.69 billion stocks worth P3.56 billion were traded, with 74 losers, 46 gainers and 57 stocks unchanged.
Five of the six subindices declined, led by property stocks, which slipped by 2.18 percent or 23.35 points to 1,046.03.
Mining and oil companies also went down by 1.57 percent or 152.57 points to 9,543.96, while industrial shares shed 0.9 percent or 42.06 points to finish at 4,625.7.
Financial stocks lost 0.84 percent or 5.5 points to 645.94, while holding firms ended 0.19 percent or 3.23 points lower at 1,734.04.
Service stocks bucked the trend, gaining 0.78 percent or 11.89 points to 1,545.06.
Meanwhile, oil prices extended gains made last week to push above $80 a barrel in afternoon trade Monday due to a weaker dollar and signs of a stronger US economy.
New York’s main futures contract, light sweet crude for April delivery, rose 45 cents to $80.11 a barrel.
London’s Brent North Sea crude for April was up 54 cents at $78.13.
“It’s higher due to the fact that the US dollar opened a little bit weaker against the euro,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.
Oil is traded in dollars and a weaker US unit makes the commodity cheaper to holders of other currencies, stimulating demand and pushing prices higher. — AP
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