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Tuesday, February 10, 2015

Philippine share prices pull back from records

The Philippine stock market retreated Tuesday on investor concerns over Greece.

At the Philippine Stock Exchange, the benchmark index fell by 59.43 points or 0.76 percent to close at 7,723.14, dropping from its 10th record close of 7,782.57 yesterday.

Most of the counters were in the red, led by the 1.80 percent decline of the mining and oil sub-index. The industrials counter also gave up 1.33 percent; likewise property (0.96 percent), holding firms (0.90 percent), and financials (0.37 percent). The services sub-index was the lone gainer, adding 0.35 percent.

Decliners beat advancers, 101 to 86, while 48 issues were unchanged. Value turnover reached P17.64 billion, as 3.32 billion shares changed hands.

The most actively traded stocks were PLDT, Universal Robina, Metro Pacific, Bloomberry Resorts and BDO.

The top gainers were Island Information, Imperial Resources, Liberty Flour and Leisure Resorts, while the biggest losers were Euro-Med Laboratories, Bogo Medellin, United Paragon, DFNN and Oriental Petroleum.

"The 'ghost' of Greece continues to haunt and spook markets, dragging European markets lower overnight — the same track taken by US stocks," Jun Calaycay of Accord Capital Equities said.

Overnight, the Dow Jones Industrial Average fell 95.08 points, or 0.53 percent, to 17,729.21, the S&P 500 dropped 8.73 points, or 0.42 percent, to 2,046.74, and the Nasdaq Composite contracted by 18.39 points, or 0.39 percent, to 4,726.01.

"The concerns over Greece resurfaced following the election of the anti-austerity party -- replacing the leadership that negotiated the €240 billion bail-out previously -- and magnified recently by the hard-line and public stance taken by Germany for the country to honor the conditions tied to the bail-out," Calaycay said.

He said today’s decline is a welcome development for a market that has practically risen with little pause.

The PSEi has broken its record close 10 times this year, making it Asia's best performing. Before today's pullback, the local benchmark index had gained 7.6 percent.

- Interaksyon

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