Stocks snap 3-day rally
MANILA, Philippines - The Philippine Stock Exchange (PSE) snapped a three-day rally by ending on the red on Thursday, reacting on the uncertainty on the United States' plan to ease its stimulus program.
The benchmark PSE index closed at 6,580.71, down by 75.9 points or 1.14 percent lower that the previous day's 6.656.61 finish.
The broader all shares index also dipped by 40.06 points or 0.99 percent to 3,999.07.
Among the subindices, the mining and oil sector was the only one which managed to gain, rising by 65.58 points or 0.45 percent more to 14,673.66.
Analyst Jomar Lacson of Campos Lanuza & Co. Inc., said he expects market volatility to extend until next month as the world awaits announcements on the US Federal Reserve's actions on the stimulus plan.
â€Right now we are tied to the US. The Federal Reserve policy affects our monetary policy,†he was quoted as saying by the Philippine News Agency.
Volume of transactions at 909.49 million, valued at P7.07 billion.
Decliners outpaced gainers 84 to 70, while 46 issues stayed the same.
Biggest gainers include Suntrust Home Developers, Inc., MJCI Investments, Inc., iRipple, Inc., Filipino Fund, Inc. and Manila Jockey Club, Inc.
Biggest losers, meanwhile, included Imperial Resources, Inc., DFNN, Inc., Berjaya Philippines, Inc., SM Investments Corp. and Philippine Estates Corp.
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