PH shares trail Wall Street fall

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Local shares closed lower on Thursday, weighed down by weakness on Wall Street overnight amid lingering tensions between Russia and the Ukraine over Crimea.

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Many investors also stayed on the sidelines before the Bangko Sentral ng Pilipinas ended its policy meeting.

The Philippine Stock Exchange index (PSEi) dipped 0.52 percent or 32.81 points to 6,315.69, while the broader all shares index slipped 0.51 percent or 19.59 points to 3,814.23.

“The PSEi has corrected, tracking the weakness of the Dow Jones index as the territorial dispute between Russia and Ukraine continues and as the market awaited the results of the Monetary Board meeting on interest rates,” said Papa Securities Corp. analyst Freya Natividad.

The lone gainer was the services counter, while all sub-indices retreated. The services sector rose 0.15 percent or 2.87 points to 1,912.64.

Holding firms fell 1.11 percent or 64.74 points to 5,756.36, while industrials slipped 0.75 percent or 72.74 points to 9,619.30. Financials slid 0.4 percent or 6.0 points to 1,506.52, while mining and oils declined 0.26 percent or 38.05 points to 14,398.24. Property counters ended 0.02 percent lower at 2,411.08.

The total volume of shares traded on Thursday was 4,05 billion, valued at P13.3 billion. Losers outnumbered gainers 105 to 61.

Some of the most actively traded stocks were Philippine Long Distance Telephone Co. (P2,716 apiece), Petron Corp. (P11.70), China Banking Corp. (P58.50), Bank of the Philippine Islands (P86.50), Ayala Corp. (P567), San Miguel Pure Foods Company, Inc. (P257.80), Alliance Global Group, Inc. (P28.80), Universal Robina Corp. (P135.60), International Container Terminal Services, Inc. (P104.80), and SM Prime Holdings Inc. (P14.44).

On Wednesday, late-buying enabled the market to close higher after falls on Monday and Tuesday as the market awaited the Bangko Sentral ng Pilipinas’ rate-setting meeting on Thursday. The PSEi rose 0.19 percent or 12.16 points to 6,348.50 on Wednesday, while the broader all shares index was 0.16 per cent or 4.58 points higher at 3,883.82.

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