Stocks down over US budget concerns

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The Philippine Stock Exchange index (PSEi) dropped for the third consecutive day on Thursday over United States budget deficit concerns, according to an online brokerage firm.

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The local benchmark stock index plummeted slightly by 0.20 percent, or 12.96 points to 6,407.46, while the broader all-shares index went down by 0.34 percent, or 13.06 points to 3,840.48.

According to the daily stock comment of the online brokerage firm 2TradeAsia.com, the concerns on US budget mostly caused the drop in the local market. It said that “range-trading might prevail, unless positive catalysts emerge from US government’s discussion over the budget deficit problem.”

The firm also said that investors would likely put their money in local markets after the current market dip, which will help bourse performance in the fourth quarter.

Only holding firms gained among the sectoral indices, adding 6.76 points, or 0.12 percent to 5,710.93. Services, on the other hand, erased 9.89 points, or 0.49 percent to 1,999.87.

Financials and industrial went down as well: financials sliding by 0.56 percent, or 8.96 points to 1,598.08; and industrial slumping by 0.35 percent, or 32.89 points to 9,291.21.

The mining and oil index decreased by 1.14 percent, or 145.59 points to 12,646.92, while the property counter registered a 0.44-percent decline, or 10.86 points to 2,476.51.

The most actively traded companies were mixed by the end of the trading session with Philippine Long Distance Telephone Co., LT Group and SM Investments gaining.

The most active losers include Alliance Global Group, Metropolitan Bank and Trust Co., GT Capital Holdings, Security Bank Corp. and Universal Robina Corp.

Decliners beat advancers, 94 against 48, while unchanged issues numbered 42. Total volume traded was 798.8 million shares, while value turnover reached P6.9 billion.

On Wednesday, the Philippine Stock Exchange index dipped by 0.63 percent, or 40.96 points to 6,420.42, while the broader all-shares barometer plummeted by 0.56 percent, or 21.90 points to 3,853.54.

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