• Stocks down on steep oil price drop

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    SHARE prices on the Philippine Stock Exchange drifted down on Tuesday, pulling the benchmark market index, PSEi, down by 46.03 points (0.58 percent) to close at 7,935.18 and the broader All Shares index down 24.07 points (0.51 percent) to 4,698.94.

    Market watchers had predicted earlieer that Monday’s modest upturn will not continue and the market will slide in the absence of significant corporate news. That gloomy outlook has been further darkened by the sharp fall in global crude oil prices and the general downturn of stock markets overseas.

    “The market [stood]in the red with EPHE and PLDT ADRs down last night,” RCBC Securities Inc. said in a market note.

    EPHE is the exchange-traded fund (ETF) of PSEi stocks, which are sold to foreign investors, and ADRs, or American depositary receipts, are stocks traded in the US but only represent a specified number of shares in a foreign company. ADRs are like regular stocks bought and sold in American markets, but are issued or sponsored by US banks or brokerage firms.

    In Tuesday’s trading, only the financial sub-sector posted gains; all others declined, led by services and industrial sectors that went down 1.57 percent and 1.24 percent, respectively.

    Among the most actively traded stocks, SM Prime Holdings Inc. stood flat, while Cirtek Holdings Philippines Corp., Robinsons Retail Holdings Inc., and Ayala Corp. emerged as gainers.

    Among the top losers, were Universal Robina Corp., Metro Pacific Investments Corp., and SM Investments Corp.

    A total of 1.23 billion shares were traded with total turnover amounting to P6.84 billion. Decliners outnumbered advancers, 117 to 72, while the 44 issues were unchanged.

    On Monday, the PSEi gained 0.64 percent or 50.46 points to 7,981.21, while the broader All Shares index increased by 0.54 percent or 25.51 points to 4,723.01.

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