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PHL stocks retreat from record highs

Posted on February 2, 2015

MANILA, Feb. 2 (PNA) –- Local share prices retreated anew as investors pocketed their gains after last week’s record highs, with losses in the United States and European markets overnight also affecting sentiment.

The bellwether Philippine Stock Exchange index (PSEi) lost 59.20 points to 7,630.71 on Monday from Friday’s 7,689.91 close.

”Market leads weren’t encouraging,” said Jun Calaycay, analyst at Accord Capital Equities Corp.

Calaycay said US stocks melted anew with the Dow Jones Industrial Average (DJIA) dropping 250-points and the S&P500 declining 26 points.

He said the European equities market was also in red after the new Greek leadership indicated it would not honor the previous regime’s agreements with the troika and instead sought to negotiate a fresh one.

All counters were in negative territory, led by financials that declined 1.28 percent.

Volume turnover reached 2.75 billion shares valued at Php10.48 billion.

Decliners won advancers, 111 to 76, while 36 issues unchanged.

The day’s most active stocks were led by Universal Robina Corp., Global Ferronickel Holdings, Inc., Philippine Long Distance Telephone Company, Metropolitan Bank & Trust Company and Alliance Global Group Inc. (PNA)

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