Stocks stumble for 4th straight day

MANILA, Philippines —  Share prices fell for a fourth consecutive session yesterday on lack of positive catalysts.

The Philippine Stock Exchange index closed the week in the red, shedding 0.37 percent or 24.69 points to  settle at  6,613.85.

The broader All Shares index, however, managed to eke out a 0.11 percent or 4.14-point improvement to finish the session at 3,739.08.

“The local market extended its decline as investors continued to exit amid the lack of positive catalyst,” Philstocks Financial research manager Japhet Tantiangco said.

“Concerns over the outlook of the local currency also weighed on sentiment following BSP Governor Eli Remolona’s remarks saying that it is still possible for the peso to hit the 60 per US dollar level,” he said.

Net value turnover improved to P5.36 billion from P4.48 billion the previous day.

Sectoral gauges were a mixed bag, with property leading those in the positive territory with a 0.20-percent increase.

Services and the mining and oil indexes, meanwhile, suffered the largest drop of 1.81 percent and 1.42 percent, respectively.

Market breadth turned positive as advancers knocked down decliners, 101 to 80, while 63 issues were unchanged.

ICTSI was yesterday’s top traded company, declining by 3.90 percent to P370 per share, followed by BPI which declined by 0.77 percent to P128.60.