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Roundup: Philippine bourse tumbles on overseas concerns, profit-taking
MANILA, Mar 11, 2013 (Xinhua via COMTEX) --
Emerging concerns overseas coupled
with profit-taking have sent the Philippine stock market opening
the week lower.
The bellwether Philippine Stock Exchange index lost 0.29
percent, or 19.82 points, to close at 6,813.95 on Monday, while
the broader all-share index lost 0.47 percent, or 20.10 points, to
4,234.88.
Trading volume reached 1.14 billion shares worth 10.99 billion
pesos (270.14 million US dollars) with 78 stocks advancing, 76
declining, and 53 were unchanged.
"If you've been in the stock market long enough, you cannot
simply brush aside and ignore the tell-tale signs that the market
is at its peak," analyst Justino Calaycay of Accord Capital
Equities Corp. said.
The analyst said it is inevitable that some investors will find
it wise to book their gains especially after the composite index
hit its 23rd record close last week.
"Greeted by the so-called sequestration taking effect in the
United States, and with no clear winner emerging in the Italian
elections, investors initially acted prudently and lightened
exposure to equities," Calaycay said.
The analyst however added that since the 2013 story for the
Philippines looks even better, there is little argument that much
upside remains for the year.
"The economy, except for a few patches such as exports and
government under-spending, has never been this healthy. Everyone
will want to have a piece of the action and this will propel the
market to greater heights," Calaycay said.
Stocks in the 30-company index closed mixed. These issues
include SM Investments Corp., heavyweight Philippine Long Distance
Telephone Co., and Banco de Oro Unibank, Inc.
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