Index snaps 5-day gains on Wall St losses

MANILA, Philippines — The stock market plunged yesterday, ending five straight days of gains to close 109.05 points lower at 8,613 while the broader All Shares index lost 7.62 or 0.14 percent, to end at 5,122.17 on Wall St. losses.

The indexes, meanwhile, were a mixed bag with the property, industrial, holding firms and financials index closing in negative territory, while the mining and oil and services sectors managing to advance.

Total value turnover was robust at P9.53 billion, but market breadth was negative, 128 to 82 while 46 issues were left unchanged.

Top gainers yesterday were Villar-owned Golden Haven which surged 50 percent to P26, another Villar company, Starmalls, which gained 44.65 percent to P23, Roxas and Company Inc. which gained 21.53 percent to P4.12 while losers included Jolliville Holdings Corp., which shed 16.07 percent to P4.91, Geograce Resources, down 10.89 percent to 0.221 and Bogo-Medellin which lost 10.42 percent.

Commenting on yesterday’s session, Arabelle C. Maghirang deputy head of research at Papa Securities,  said the index followed in the footsteps of the Dow which dropped 254 points last night as the PSEi traded in the red the entire day.

She said, Villar-led stocks took the limelight from the telco aspirants with Golden Haven closing at the ceiling, followed closely behind by Starmalls which gained 45 percent.