• Stocks show more Ruby jitters

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    The Philippine Stock Exchange index (PSEi) lost ground for a second day on worries over the approach of Typhoon Ruby (international name Hagupit), which is expected to make landfall in the Philippines over the weekend.

    The composite PSEi was down as much as 1.50 percent in Friday’s trading session before recovering a bit on some minor bargain-hunting to close 0.95 percent or 69.29 points lower at 7,230.56. The wider All Shares index shed 0.88 percent or 37.90 points to 4,250.

    Worries over Ruby offset the positive impact of the November inflation data, which showed an easing to 3.7 percent from 4.3 percent in October.

    Jason Escartin, investment analyst at F. Yap Securities Inc., said trading sentiment came mostly from the “super typhoon’s anticipated entry,” and partially “from the market’s reception of the November inflation headline.”

    “Further weakness was seen for now, as there were no fresh leads that occurred overseas,” Escartin said.

    The sectoral indices fell by the close of trade. Financials were down 0.69 percent or 11.83 points at 1,691.40; industrials lost 1.03 percent or 124.10 points to 11,873.31; holding firms declined 0.75 percent or 47.83 points to 6,336.76; property fell 1.01 percent or 28.95 points to 2,847.56; services retreated 1.68 percent or 35.98 points to 2,101.05; and mining and oil dropped by 1.48 percent or 235.35 points to 15,678.58.

    Out of the top 10 most active companies on Friday, only BDO Unibank Inc., and Xurpas Inc. were gainers, while the other eight were losers including PLDT, Bloomberry Resorts Corp., Metrobank, Megaworld Corp., Universal Robina Corp., Ayala Corp., Energy Development Corp. and Melco Crown (Philippines) Resorts Corp.

    Total volume of trade stood at 2.06 billion shares, valued at P9.45 billion. Decliners outnumbered advancers, 125 to 46, while 55 issues were unchanged.

    On Thursday, the bellwether PSEi dropped 0.83 percent or 60.90 points to 7,299.85, while the All Shares index slipped 0.63 percent or 26.97 points to 4,287.90.

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