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Bacolod City, PhilippinesWednesday, November 20, 2013
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Profit taking, stimulus woes
drag stocks further down

Profit taking and lingering concerns on the United States’ stimulus programs sent Philippine share prices lower for a second day yesterday.

The bellwether stock exchange index plunged 75.40 points to 6,267.85 from previous day’s 6,343.25 finish.

”Although buyers have surfaced in time to stave off a drop below 6,200 last week, lifting remains heavy as rallies are soon enough capped by profit-taking,” said brokerage firm Accord Capital Equities Corp.

It said traders are also waiting for hints whether the Federal Reserve will consider scaling back its asset purchase program.

Fed members are set to deliver speeches and statements in a forum slated in the next few days.

Almost all counters plummeted 1.07 percent to 1.52 percent, except financials that lost slightly.

Only the mining and oil sector increased moderately.

Total volume turnover was thin at 966.18 million shares valued at P7.6 billion.

Decliners dominated gainers, 116 to 47, while 38 issues were unchanged.

The day’s top losers were led by Roxas and Company Inc., Liberty Telecoms Holdings Inc., Maybank ATR Kim Eng Financial Corp., Energy Development Corp. and Oriental Petroleum and Minerals Corp.*PNA

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