Stocks fall ahead of weekend

Local stocks dropped yesterday as investors preferred to hold on to cash during the weekend. The Philippine Stock Exchange index (PSEi) lost 45.15 points, or 0.69 percent, to close at 6,494.81 with the Property sector leading the retreat while the Mining and Oil counter advancing the most. Volume remained low with 6.77 billion shares worth ₱5.67 billion changing hands as losers edged out gainers 108 to 104 with 44 unchanged. “Philippines shares closed lower as investors flocked back to the US market following their strong bank earnings reports and positive economic data releases, signaling accelerating recovery in the world's largest economy,” said Regina Capital Development Corp. Managing Director Luis Limlingan. (James A. Loyola)