Stocks drop on bearish market sentiment

MANILA, Philippines - Share prices plunged yesterday, partly dragged by the stock price drop of Gokongwei-owned conglomerate JG Summit after a Reuters report said it sold $250 million worth of shares. 

The benchmark Philippine Stock Exchange index tumbled 87.57 points or 1.17 percent to close at 7,376.38, while the broader All Shares index declined 40.45 or 0.91 percent to finish at 4,416.86.

Consistent with the mood of the market, all counters closed in negative territory except for the mining and oil sector, which rose 39.86 points or 0.36 percent.

Total value turnover reached P18.64 billion during yesterday’s session. Decliners edged out advancers, 109 to 65 while 56 stocks were left unchanged.

Analysts said share prices dropped following the drop in the stock price of JG Summit.

According to Reuters, Gokongwei sold up to $250 million worth of shares or equivalent to 142.50 million shares at P82.10.

The best performers of the session were Philex Mining Corp, which rose 4.64 percent and First Gen Corp, which went up 1.42 percent.  Alliance Global Group  also rose 1.63 percent.

Worst performers were led by JG Summit Holdings Inc. which fell 9.65 percent and Bloomberry Resorts Corp., which declined 2.12 percent. Metro Pacific Investments Corp also declined 2.59 percent during yesterday’s session.