Stocks decline slightly
The stock market fell slightly Thursday after a two-day rally, bucking the trend in most Asian markets.
The Philippine Stock Exchange Index added 3.04 points, or 0.04 percent, to 6,890.94 on a value turnover of P5.71 billion. Gainers, however, beat losers, 100 to 63, with 55 issues unchanged.
Philippine Long Distance Telephone Co., the biggest telecommunications firm, slipped 0.5 percent to P2,180, while Universal Robina Corp., the largest snack food maker, lost 1.8 percent, to P188.60.
Alliance Global Group Inc. of tycoon Andrew Tan rallied 5.2 percent to P16.12, while GT Capital Holdings Inc. of tycoon George Ty climbed 2.8 percent to P1,300.
A slight improvement in an official gauge of Chinese factory activity, meanwhile, gave a boost to investor confidence Thursday, rallying Asian equities and emerging market currencies for a second straight day.
However, a dip in Japanese business confidence highlighted the struggle ahead for the country’s leaders in kickstarting the economy in the face of a growth slowdown in China and an expected US interest rate rise.
The gains come after global stock markets suffered their worst quarter since 2011, with trillions wiped of valuations since China devalued its yuan currency in August, sparking fears about the worldwide impact of China’s struggles. With AFP