PHL stocks dip further but stays above 6,400

MANILA, March 13 (PNA) — The Philippine stock market dipped for a second session along with its peers in the region on Thursday, dragged down by concerns over weakness in China’s economy and Ukraine crisis.

The benchmark Philippine stock exchange index (PSEi) lost 32.68 points or 0.51 percent to 6,429.79 from previous day’s 6,462.47 close.

”Risk off on China woes is dampening local players’ sentiment,” said Jonathan Ravelas, chief strategist at Banco de Oro Unibank.

Brokerage firm 2tradeasia.com said investors were on ‘wait-and-see’ mode, with skeptics looking through latest economic indicators from anchor economies as well as geopolitical headlines abroad such as the crisis in Ukraine.

It said others also focused on the foreign exchange market given the latest weakness in regional currencies.

Almost all counters declined moderately.

The property sector advanced 1.26 percent.

Volume of transactions was thin at 1.81 billion shares valued at P6.54 billion.

Decliners won advancers, 79 to 69, while 51 issues were unchanged.

The day’s top losers were led by United Paragon Mining Corp., Century Peak Metals Holdings Corp., Yehey! Corp., Anglo Philippine Holdings Corp. and AG Finance Inc. (PNA)