Bourse tumbles on lack of positive leads

MANILA, Philippines (Xinhua) - The Philippine stock market failed to sustain its rise past the 6,600 level as investors stay at the sidelines ahead of the long weekend.

The bellwether Philippine stock exchange index lost 0.11 percent, or 7.41 points, to 6,589.55, while the broader all-share index retreated by 0.05 percent, or 2.10 points, to 3,975.62.

Trading volume reached 1.85 billion shares worth P5.57 billion ($125.69 million) with 86 stocks advancing, 80 declining, and 52 were unchanged.

Of the six counters, only the financials, mining and oil, and the property sectors bucked the trend.

"Trades for the shortened Lenten week kicked off sluggishly with the index moving within a tight band, tipping the 6,600-mark before retreating on light value turnover," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay noted that there is not much leads investors could hold on to especially after the extended drop in U.S. equities.

U.S. stocks tanked Friday on concerns share prices have overstated corporate profits as first quarter results begin to roll in.

Across Asia, markets swung between gains and losses. Europe closed Friday's trades in the red as the cycle of pessimism, and to some a correction, visited.

"Major portfolio decisions are being held back, albeit action slightly favored liquidations, ahead of a break in trading on Thursday and Friday," Calaycay said.

Stocks in the 30-company index closed mixed. Ayala Land, Inc., Banco de Oro Unibank, Inc., and Globe Telecom, Inc. were picked up. In contrast, Universal Robina Corp., Alliance Global Group, Inc., and Globe Telecom, Inc. were sold down.