Shares slide on PhilWeb controversy

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SHARE prices on the Philippine Stock Exchanged eased on Thursday and dragged the benchmark index down 70.05 points (0.87 percent) to close at 7,981.35, with the controversy surrounding PhilWeb dampening investor interest.

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The All Shares index fell 36.48 points (0.76 percent) to 4,742.41.

Justino Calaycay Jr., head of research and marketing at A&A Securities Inc., said the PhilWeb controversy appeared to have prompted investors to sell.

According to Joylin Telagen of IB Gimenez Securities Inc., the fall was led by GT Capital Holdings.

“I think it’s due to GTCAP principal stockholder, Grand Titan Capital Holdings. GTCAP’s principal stockholder disposed of some 5.3 million shares,” Telagen noted. The stock tumbled P66 (4.07 percent).

According to Telagen, the steep fall of Semirara Mining and Power Corp shares was triggered by DENR Secretary Gina Lopez’s stance on reviewing the Environmental Compliance Certificates (EECs) of Semirara. That pulled SCC shares down P6.9 (5.95 percent) to close at P109.

Total turnover was P17.559 billion on volume of 1.643 billion shares, with 137 issues declining and 61 rising.

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