Stocks back in red on regional weakness

Share prices retreated yesterday, mirroring the general downtrend in regional markets, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) plunged 83.18 points, or 1.06 percent, to finish at 7,736.07, while the broader All Shares gauge was down 24.08 points, or 0.51 percent, to finish at 4,699.08.

The rest of the counters were likewise down except for one lone survivor, the industrial sector.

Total value turnover was likewise thin at P6.527 billion. However, market breadth was positive with advancing stocks outpacing decliners, 117 to 87 while 43 issues were unchanged.

Index heavyweights Gokongwei-led JG Summit Holdings and telecoms giant Philippine Long Distance Telephone Co. led the PSEi’ decline. JG Summit’s shares closed at P60.60, down 5.24 percent, left while the PLDT shares closed at P1,387, down 5.19 percent.

Another decliner was GT Capital, which fell to threeyears lows to P1,000.

The best performers of the session were International Container Terminal Services Inc., which rose by 2.78 percent to P86.950 after announcing that it is ready to participate in the government’s massive infrastructure program.

Likewise, Manila Electric Co added by 2.42 percent to P329.80, while Robinsons Land Corp. gained 2.23 percent to finish at P18.3.