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Monday, May 12, 2014

PH stock market retreats from 11-month high as overseas worries dampen sentiment

Philippine share prices on Monday retreated from an 11-month high, succumbing to profit taking following last week's rally and amid mounting concerns in Ukraine and Thailand.

At the Philippine Stock Exchange, the benchmark index dropped 35.92 points, or 0.53 percent, to close at 6,811.34, snapping a two-day climb. The services and mining & oil counters fell more than a percent each to drag the equities market lower.

Advancers however beat decliners, 89 to 86, while 46 were unchanged. Value turnover slowed to P8.02 billion from P11.89 billion last Friday, as 1.14 billion shares changed hands.

Most actively traded stocks were PLDT, Universal Robina, Ayala Land, DoubleDragon and Megaworld. Top gainers were Da Vinci Capital, Discovery World and Alliance Select, while the biggest losers were Megaworld, Primex and Roxas & Co.

"The bane of unfolding events overseas was just too much for short-term investors sitting on gains. While this does not change the over-all domestic picture on which we have hinged our 2014 outlook, the realities of investor sentiment being swayed could not be disregarded," said Jun Calaycay of Accord Capital Equities Corp.

Asian stocks were mixed today as investors balanced sentiment between gains on Wall Street and fears the Ukraine crisis could escalate into civil war. Rising tension in Thailand following the recent ouster of Prime Minister Yingluck Shinawatra also dampened sentiment.

The PSE index surged 1.55 percent last week after Standard & Poor's unexpectedly upgraded the Philippines’ credit rating by one notch with a stable outlook.

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