Stocks retreat as investors await fresh news in Philippines

PHOTO

Local stocks retreated yesterday as investors stayed on the sidelines while waiting for the results of US inflation data

The Philippine Stock Exchange index opened the week on a sour note, plunging by 1.01 percent or 69.97 points to 6,872.24.

The broader All Shares index likewise fell by 0.78 percent or 28.09 points to close at 3,574.72.

'Philippine shares receded as investors await the US CPI inflation reading, while others gear for the FTSE rebalancing at the end of the week,' Luis Limlingan of Regina Capital said.

While investors waited for the release of US inflation data this week, Claire Alviar of Philstocks Financial said the local bourse along with markets in Asia followed the negative cues from Wall Street last Friday.

'Moreover, foreign investors weighed on the market performance, registering a net outflow of P277.68 million,' she said.

Alviar noted that net market value turnover yesterday was weak at P3.46 billion, significantly lower than the year-to-date average of P4.71 billion.

All local sectors were in the red, led by property, which plummeted by 2.7 percent.

Both industrial as well as mining and oil lost more than one percent each.

Decliners pummeled advancers, 125 to 62, while 53 shares were unchanged.

Alliance Global Group was the biggest winner among index members with a 5.1 percent gain, while SM Prime suffered the biggest decline of 3.66 percent.

Other most actively traded stocks were SM Investments (up 0.41 percent), Ayala Land (down 2.71 percent), URC (down 0.63 percent) and ICTSI (down 2.65 percent).