Stock market dips but stays above 8,500

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The stock market ended down Wednesday but remained in 8,500 territory, with the bellwether index down 0.16 percent or 13.32 points to close at 8,508.49.

The wider All Shares, meanwhile, rose marginally by 0.09 percent or 4.43 points to settle at 4,971.03.

“Issues like Ayala Land and JG Summit were down 2.85 percent and 3.12 percent, respectively, pulling the index down,” Eagle Equities, Inc. research head Chris Mangun said.

“However, the index was able to stay above 8,500 which is a huge positive,” he added.

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Ayala Land shed P1.30 to close at P44.30 apiece while Gokongwei-led JG Summit declined by P2.4 to finish at P74.55 per share.

“We may see the index come down slightly in the next few days as we see more corrections in several blue chip issues after being up last week,” Mangun said.

Sectoral indices were mixed with property down the most by 0.73 percent. Financials were the highest gainer at 1.32 percent.

Nearly 1.6 billion issues valued at P7.6 billion were traded.

Decliners outnumbered advancers, 128 to 91, while 36 issues were unchanged.

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