PH stock market plummets to just above 6,000-mark

PH stock market plummets to just above 6,000-mark
By: Euan Paulo C. Añonuevo, InterAksyon.com November 25, 2013 4:22 PM

 MANILA - The Philippine stock market today plunged to stay barely above the 6,000-mark. At the Philippine Stock Exchange, the benchmark index shed 1.32 percent or 80.58 points to end Monday at 6,004.26. Decliners outnumbered advancers 92 to 64, while 28 were unchanged. Save for the financials as well as mining and oil counters, all other sub-indices suffered losses. Most actively traded stocks were Metrobank, PLDT, SM Investments, JG Summit, BPI, Universal Robina, Alliance Global, GT Capital, Ayala Land and ICTSI. Justino B. Calaycay, Jr. of Accord Capital Equities Corp, said the market's performance continues to baffle analysts as it defies global trends. "One may point to the weight of foreign selling evidenced by their trades netting sales of P2.502 billion last week. But the question persists – are they liquidating just their Philippine stocks? Other markets in the region have not been faring as badly as we are," Calaycay said. The impact of Yolanda should only impact agriculture, which drives the economy in the Visayas, which account for only a small portion of the Philippines' gross domestic product (GDP). "Thus its impact on GDP will not seem as substantial as the market talks it to be – at least if this is the reason for the decline. Besides, 4Q GDP results lay months down the corner. What will come out on the 28th of this month is the numbers for July-to-September, which will not show the Yolanda impact," Calaycay said. GDP is the amount of final goods and services produced in the country and as such measures economic performance.

http://www.interaksyon.com/business/75547/ph-stock-market-plummets-to-just-above-6000-mark