Index continues decline on consolidation

MANILA, Philippines - Local stocks retreated for the eighth straight session yesterday, dragging the main composite index below the 6,500 level as the market continued to consolidate.

The PSEi dropped 0.10 percent or 6.63 points to settle at 6,419.62 after ending the morning session down 0.82 percent or 52.75 points to 6,373.50.

The broader all shares index shed 0.15 percent or 6.26 points to 4,042.86.

“Again (the decline was) due to continued consolidation of the market. But there were bargain hunters after lunchtime,” said Astro C. del Castillo, managing director of First Grade Finance Inc.

“Prices became too tempting for select investors,” Del Castillo said.

Wall Street, which closed mixed on Tuesday, did not provide a push to the local market.

The Dow Jones Industrial average picked up 0.03 percent or 3.76 points to 14,455.82 driven by better housing data while the broader Standard & Poor’s 500 index declined 0.2 percent or 3.76 points to 1,548.34.

Asian markets closed mixed amid the ongoing worries on the eurozone’s bailout plan on Cyprus.

Locally, most counters were in the red, led by holding firms that lost 0.48 percent or 26.99 points to 5,655.92. But property companies bucked the trend, adding 0.53 percent or 13.90 points to 2,628.33.