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Saturday, June 14, 2014

Iraq conflict weighs on PH stock market

Philippine share prices tumbled on Friday as violence in Iraq triggered profit-taking in the local equities market.

At the Philippine Stock Exchange, the benchmark index shed 24.23 points, or 0.36 percent, to close at 6,784.95. The mining and oil counter gave up 1.18 percent to pull all counters in the red.

Decliners beat advancers, 121 to 57, while 41 issues were unchanged. Value turnover improved to P7.76 billion from P7.61 billion last Wednesday, as 1.84 billion shares changed hands. The market was closed yesterday for the Independence celebration.

The most actively traded stocks were BDO, Ayala Corp, SM Investments, Universal Robina and Alliance Global. IRipple, Da Vinci Capital and I-Remit were the top gainers, while Now Corp, Island Information and Abacore Capital were the biggest losers.

The local market tracked the overnight weakness on Wall Street with the S&P 500 dropping 0.7 percent to 1,930.11 and the Dow Jones Industrial Average falling 109.69 points, or 0.7 percent, to 16,734.19.

Three years after US troops pulled out of OPEC's second-biggest oil producer, violence is again on the rise in Iraq, threatening to escalate into an all-out sectarian conflict and pusing oil prices to an 8-month high.

- Interaksyon

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