• Share prices down after seesaw movement

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    Local share prices wrapped the week in the red after going through a seesaw movement from the start of the five-day trading week.

    The Philippine Stock Exchange index ended the Friday session with a 1.91-percent drop, or 127.49 points to 6,533.95, while the wider all-shares index fell 1.76 percent, or 71.20 points to 3,982.13.

    Jonathan Ravelas, chief market strategist of BDO Unibank Inc., said that news from the Federal Reserve and the China slowdown weighed on investor sentiment.

    According to him, these overseas developments later on caused a risk-off toward the end of the last trading day for the week.

    All the sectors dipped with property and holding firms gliding sharply by more than 3 percent. Holding firms capped the day with a 3.39-percent slump, or 209.87 points to end at 5,988.78, while the property counter went down by 3.11 percent, or 80.11 points to 2,494.43.

    Mining and oil also registered a somehow stiff fall, shedding 2.35 percent, or 345.63 points
    to 14,332.05. Industrial, financials and services all plunged by less than 1 percent.

    Total value turnover ballooned to P13.98 billion with losers dominating winners, 119 to 32.

    The top actively traded stocks, which were mostly down, were SM Investments Corp. (SMIC), Metropolitan Bank and Trust Co., SM Prime Holdings Inc., Alliance Global Group Inc., Philippine Long Distance Telephone Co., Megaworld Corp. and Universal Robina Corp.

    After SMIC concluded its $150-million private placement, the price of its shares went down by 8.58 percent to P879 a share.

    On Thursday, although the market was still trading sideways, the benchmark index still managed to go up after the Federal Reserve wrapped up its two-day policy meeting.

    The local barometer registered thin gains, rising by 22.32 points, or 0.34 percent to end at 6,661.44, while the wider all-shares added 11.28 points, or 0.28 percent to 4,053.33.

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