The Philippine Stock Exchange index failed to sustain its positive opening as most investors were focused on second and third-liner issues. By end of Friday's session, the composite index was down by 0.34 percent or 14.73 points to 4,202.52. The broader all-share index lost 0.18 percent or 5.57 points to 3,023. 57.
Trading volume reached 2.41 billion shares valued at 4.57 billion pesos (104.14 million U.S. dollars) with 74 issues advancing, 71 declining and 38 were unchanged.
Of the six counters, only the property and the service sector sustained their opening rally. The holding firm sector suffered the biggest loss.
"Investors are still strategizing what their moves will be this year. Moody's outlook for the country only contributed to what their strategy for 2011 will be but did not affect the performance of the equities (on Friday)," Elizabeth Abadillo, analyst at Angping and Associates Securities, Inc. said in an interview.
Cyber Bay Corp., property firm Belle Corp. and gaming firm Leisure & Resorts World Corp. were among the most traded issues Friday.
"Interest on these issues suggests that we are dealing with short-term traders or those who are quick to get out of the equities," Abadillo said.
She added investors should take advantage of the laggard performance of the blue chips--which usually comprise the bellwether--to position so that they will not be left behind once attention reverts back to these issues.
Stocks in the 30-company index closed mixed. Manila Electric Co. , Metro Pacific Investments Corp., and First Philippine Holdings Corp. closed higher. Alliance Global Group, Inc., DMCI Holdings, Inc. and Robinsons Land Corp. finished lower. For the latest updates PRESS CTR + D or visit Stock Market news Today
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