RP stocks close lower on concerns of further sluggish US market

(philstar.com)

MANILA, Philippines (Xinhua) - Concerns that the US market might continue to trade sluggishly capped the Philippine market's positive opening on Tuesday.

The bellwether Philippine Stock Exchange index retreated by 0. 41 percent or 12.26 points to 2,955.70, while the all share index fell by 0.09 percent or 1.78 points to 1,887.25.

Of the six counters, only holding firms rallied. Mining and oil shares, along with the other four sectors, meanwhile tracked the composite index's decline.

Trading was thin where a total of 1.28 billion shares valued at P2.64 billion ($57.14 million) were changed hands. Foreign investors however reverted to the buying side, leaving behind a net foreign buying of P154 million ($3.33 million).

Market breadth remains extremely negative suggesting a further downward bias of the local equities tomorrow. A total of 69 issues dipped while 31 went up and 67 were unchanged. Click here to read more...