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PSEi sheds but stays over 6,800
July 31, 2013
Written by VG Cabuag - Business Mirror
The local bourse followed the downtrend in the major markets in the region, with the benchmark index barely staying in the 6,800-point level at the close of Thursday’s selling session.
The Philippine Stock Exchange index (PSEi) shed 4.05 points to 6,800.11. Most subindices were also down.
Justino Calaycay Jr., trader at brokerage firm Accord Capital Equities Corp., said the market met a stiff challenge to remain above 6,800 due to lack of trading leads both here and abroad.
“The bears took control early in the morning [trade] as the index was lower by as much as 15 points off the bell before the bulls entered the picture,” Calaycay said.
Most markets in the region were also down. Japan’s Nikkei 225 dropped by 1.1 percent and South Korea’s Kospi declined by 0.1 percent. China’s Shanghai Composite and Hong Kong’s Hang Seng were down by 0.6 percent and 0.3 percent, respectively, but the Australia Stock Exchange made slight gains.
Market breadth at the PSE, however, was positive as the number of gainers edged out losers 85 to 75 and 40 shares were unchanged.
Trading turnover reached P7.57 billion at 1.26 billion shares traded.
The broader All Shares index was down 0.81 points to 4,133.11, the Financials index gained by 9.23 to 1,628.39 and the Industrial index increased by 24.58 to 10,034.72. The other indices retreated.
Actively traded Philippine Long Distance Telephone Co. was down P10 to P3,068; Ayala Land Inc. dropped by P0.15 to P31.25; Metropolitan Bank and Trust Co. was unchanged at P111; and Ayala Corp. retreated P27 to P613.
Top gainers were Philex Petroleum Corp., Millenium Global Holdings Inc., Southeast Asia Cement Holdings Inc., Forum Pacific Inc. and Greenergy Holdings Inc., while top losers were ATN Holdings Inc. B, Abra Mining and Industrial Corp., Premier Horizon Alliance Corp., Unioil Resources and Holdings Co. Inc. and LT Group Inc.