• PH stocks dragged by Yellen warning, Greek concerns

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    Philippine shares finished mostly lower, despite some strong first-quarter earnings results released during the day, as sentiment leaned more toward foreign funds’ reaction to the US Fed chair Janet Yellen’s warning about high valuations and market unease over the Greek debt deal.

    The benchmark Philippine Stock Exchange index (PSEi) shed 57.37 points, or 0.73 percent to close at 7,816.27. The wider All Shares index lost 26.06 points, or 0.57 percent to 4,515.92.

    Astro del Castillo, managing director of First Grade Finance Inc., said the market was dragged by anxiety over fund managers who were “realigning their portfolios” with negative news affecting markets worldwide.

    “The decline was more [due to]external events— the European and Greek concerns, uncertainty on the Fed statement, higher oil prices and others. It seems like the global fund managers are realigning their portfolios,” del Castillo said in a brief phone interview.

    Some of the favorable first-quarter corporate earnings that were released within the day include ABS-CBN Corp. and Security Bank Corp.

    Except for property, mining and oils— which posted gains—most of the sectors fell, led by services, which lost 1.39 percent.

    Among the actively traded stocks, Jollibee Foods Corp. ended flat, Nickel Asia Corp. advanced, while the rest declined. Top losers were BDO Unibank Inc., Bank of the Philippine Islands, Universal Robina Corp., Alliance Global Group Inc., Energy Development Corp., GT Capital Holdings Inc., and Philippine Long Distance Telephone Company.

    A total of 2.07 billion shares were traded on Thursday, valued at P13.08 billion. Decliners outnumbered advancers 126 to 58, while 47 issues were unchanged.

    On Wednesday, the benchmark stock index lost 45.57 points or 0.58 percent to 7,873.64, while the All Shares index shed 10.25 points or 0.23 percent to close 4,541.98.

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