Tuesday, April 18, 2006
Stocks slip 0.2% on profit-taking with focus on mining (7:00 p.m.)
MANILA -- Stocks slipped Tuesday, with profit-taking in major blue chips and mining stocks pulling the market down after its three-day run-up to a new six and a half year high.
The 30-company Philippine Stock Exchange Index, or PSEi, declined 3.64 points, or 0.2 percent, to 2,225.72 after rising Monday 2,229.36 -- its highest close since August 26, 1999.
"This is just a correction," said Mark Canizares, an investment analyst at CitisecOnline.com. "The outlook for the market, particularly for the property and the mining sectors, remains bullish."
Philippine Long Distance Telephone Co., which accounted for 22 percent of total transaction value, lost 0.8 percent to close at P1,965, tracking the 0.7 percent fall by its American Depositary Receipts in New York on Monday.
Lepanto Consolidated Mining Co. and Philex Mining Corp. -- both gold producers -- surrendered recent gains made on soaring gold prices. Lepanto's widely traded B shares dropped 2.3 percent to P0.42, while Philex's B shares declined 1.3 percent to P3.95.
Bank of the Philippine Islands and Filinvest Land Inc., which could benefit from lower interest rates, both rose. BPI gained 1.6 percent to end at P62, while Filinvest Land climbed 2.9 percent to P1.40.
The yield on the 91-day treasury bill, used as a benchmark by banks in pricing their loans, eased at Monday's auction to a four-year low of 4.600 percent.
The broader All-Shares Index slipped 3.71 points to 1,365.74 after advancing Monday by 2.58 points. Losers beat gainers 71 to 34, with 52 issues unchanged.
The peso closed at its weakest level in seven weeks in active trading, weighed down by offshore demand for dollars amid concerns over rising global oil prices as the country importing virtually all of its oil requirements, traders said.
The dollar closed at P51.500 on the Philippine Dealing System, up from 51.340 on Monday and the highest finish since 51.650 on February 28. (AP) |
