• Philippine shares dip ahead of long weekend

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    Gloomy overseas tailwinds upset Philippine share prices to wrap up a shortened trading week.

    “The Fed dealt an expected hand, but the markets demanded full deck,” Accord Capital Equities Corp. Analyst Jun Calaycay said, describing how investors appear to have digested the US Federal Reserve’s announcement to stay any action on the $85-billion-a-month stimulus program currently in place.

    Overseas, US share prices dropped with the S&P500 momentarily snapping a record-setting run, while European markets played with a similar hand with the numbers pulling lower overnight.

    “Local investors took their cue from this weakness in overseas prices, reversing the generally positive feel of Wednesday’s trades,” Calaycay said.

    He also said that the looming extended weekend may have served an additional de-motivation to hold positions. Nevertheless, Calaycay pointed out that the month of October still booked the third best return this year, tailing February’s 7.7 percent and January’s 7.4 percent.

    The Philippine Stock Exchange index (PSEi) concluded the shortened trading week with a slight decline, dipping by 0.18 percent or 11.83 points to 6,585.38, while the broader all-shares index shed 0.01 percent or 0.31 points to end at 3,977.12.

    Joining the benchmark index on the red side were three sub-sectors, with the rest managing to eke out gains.

    Financials posted the largest drop, falling by 0.69 percent or 11.18 points to 1,618.26, followed by holding firms, which plummeted by 0.21 percent or 19.92 points to 5,983.26. Mining and oil shed by 0.02 percent or 2.77 points to 12,824.29.

    Services, on the other hand, registered a 0.37-percent increase or 7.42 points to 2,004.20, while property rose by 0.04 percent or 1.03 points to 2,652.51. Industrial had modest gains, rising by 1.54 points or 0.02 percent to 9,380.11.

    Toward the end of the session, total value turnover stood higher at P8.2 billion with advancers outnumbering decliners, 86 to 68.

    Some of the most actively traded stocks, of which prices mostly ended higher were SM Prime Holdings Inc., Philippine Long Distance Telephone Co., Ayala Corp., BDO Unibank Inc., SM Investments Corp., Metro Pacific Investments Corp., and Universal Robina Corp.

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