The main-share Philippine Stock Exchange index shed 27.36 points or 0.63 percent to finish at 4,297.62. The index nonetheless showed a modest advance of 0.5 percent for the week, reflecting resilience to sluggish overseas markets.
The high-flying mining/oil counter took the worst beating, falling by 1.88 percent as the share prices of leading players Lepanto “A” (open only to local investors) and Philex tumbled. However, Lepanto “B” shares (open to both local and foreign investors) bucked the downturn.
Only the financial sub-index stayed afloat for the day, aided by the gains of Metrobank, Security Bank and Banco de Oro. Security Bank recently announced the acquisition of thrift bank Premiere Development Bank, signifying its intention to scale up its branch network and lending portfolio.
The index stocks that dragged down the PSEi aside from key mining issues were PLDT, AGI, DMCI, Aboitiz Power, Megaworld, Ayala Land, FLI, Metro Pacific Investments and First Gen.
Non-index stock San Miguel Corp. was the most actively traded stock for the third straight session, rising by 2.27 percent to P116.90, further appreciating from P110 per share at which secondary shares were sold to the public last month.
Shares of AgriNurture likewise gained in heavy volume on the local stock market.
Turnover increased to P5.4 billion from the previous day’s P4.8 billion. There were 57 advancers as against 72 decliners and 44 unchanged stocks.
Overnight, the Dow Jones index was down by 41.59 points or 0.34 percent to 12,248.55 as Wall Street braced for a sluggish jobs data given the slow US economic growth.
LOCAL PRESS REPORTS :
- Aboitiz Power Corp's SN Aboitiz Power-Benguet Inc unit said it was joining other power producers as a seller in the Philippines' wholesale electricity spot market, starting with 35 megawatts from its recently recommissioned 75-MW Ambuklao hydropower facility. (PHILIPPINE DAILY INQUIRER)
- Unlisted property developer Century Properties Inc is taking over East Asia Power Resources Corp and is making a tender offer to the rest of the shareholders of the dormant energy firm, East Asia said. (PHILIPPINE DAILY INQUIRER)
- Metro Pacific Investments Corp said it had obtained regulatory approval to increase its authorised capital to 30.05 billion pesos ($695 million) from 24.238 billion pesos.
- Security Bank Corp said it had acquired privately-held Premiere Development Bank for 1.3 billion pesos.
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