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Local share prices decline, reverse gains

Local share prices decline, reverse gains

Share prices reversed early gains to finish a tad lower on Tuesday as bargain hunting fizzled out.

The Philippine Stock Exchange Index dipped by 8.68 points or 0.13 percent to 6,734.21 while the all shares index rose 2.17 points or 0.06 percent to 3,791.77.

“Philippine and US equities delivered mixed results as investors await more data that would confirm that the world economy continues to show  signs of recovery,” Regina Capital Development Corp. head of sales Luis Limlingan said.

In the domestic front, investors are also awaiting the release of November inflation rate.

Limlingan said that while inflation rate is expected settle within the government’s target of 2 to 4 percent, the optimism on inflation rate and recent strengthening of the peso against the dollar failed to lift the market.

Indices also ended mixed.

Services rose 5.3 percent while mining and oil advanced by 0.03 percent. On the other hand, holding firms declined 0.57 percent followed by financial which dropped by 0.16 percent.

Value turnover reached P5.39 billion. Winners outnumber losers 103 to 90, with 48 names unchanged.

Conglomerate Ayala Corp. went up 1.88 percent to P650 per share while SM Investments Corp. dropped 1.53 percent to P904 apiece.

Meanwhile, most markets rose in Asia on Tuesday on hopes China will unveil fresh measures to boost the world’s number two economy following reports that authorities will hold a key meeting next week.

The gains, which followed another record day on Wall Street, came as traders were also left assessing Washington’s decision to impose fresh tech export restrictions on Beijing in the latest volley in a long-running standoff between the rival powers.

Meanwhile, the euro continued to struggle on concerns of political and economic upheaval in France, with the country’s government facing collapse.

Investors are also looking ahead to the release of US jobs data at the end of the week which could play a key role in the Federal Reserve’s decision on whether to cut interest rates again. with AFP