PH stock market hardly moves ahead of ‘ghost month’

Categories: Business Updates

Date Posted: 28 Jul 2014

Philippine share prices were little changed on Friday in the absence of fresh leads ahead of the Chinese “ghost month.”

At the Philippine Stock Exchange, the benchmark index shed less than a point to close at 6,889.55. The PSE index chalked up gains of 0.53 percent for the week.

Sub-indices were mixed. The property counter shed 0.76 percent, the financials index dropped 0.26 percent and the mining and oil counter fell 0.16 percent. The services sector jumped 0.58 percent, the industrial sector rose 0.34 percent and the holding firm advanced 0.10 percent.

Decliners beat advancers, 84 to 78, while 64 issues were unchanged. Value turnover hit P6.81 billion, as 930.88 million shares changed hands.

Most actively traded stocks were Metrobank, Alliance Global, PLDT, BDO and Ayala Corp. Top gainers were Synergy Grid, Crown Equities and Cebu Property Venture, while the biggest losers were Greenergy, Araneta Properties and Pancake House.

US stocks closed flat overnight on mixed reports on jobless claims and the housing market. The Standard & Poor’s 500 index added less than a point to 1,987.98, while the Dow Jones Industrial Average slid 2.83 points, or less than 0.1 percent, to 17,083.80.

The Chinese ghost month, which runs from July 27 to August 24, is historically a season of low trading volumes since it coincides with fund managers’ seasonal break in the West.

 

Written by: Krista Angela M. Montealegre

Source: http://www.interaksyon.com/business/91947/ph-stock-market-hardly-moves-ahead-of-ghost-month

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