Local bourse, stocks pull on growth worries

June 21, 2012 10:26 pm 

MANILA, June 21 – Concerns on slowing global economic activity made investors wary and resulted to the local bourse reversing its rally in the past days.

The composite index reversed gains earlier in the day after losing 37.03 points or 0.72 points to 5,109.43 points from day-ago’s 5,146.46 points.

The broader all shares index also contracted by 13.72 points or 0.40 percent to 3,380.94 points from the previous day’s 3,394.66 points.

Only the mining and oil index registered gains among the sectoral indices. This index rose by 96.38 points or 0.39 percent to 24,726.60 points from the previous day’s 24,630.22 points.

Trading remains healthy at P5.10 billion after 3.14 billion shares changed hands.

Losers edged gainers at 81 to 72 while 49 stocks were unchanged.

Investors have anticipated US monetary officials to further easy policy during their recent meeting.

US Federal Reserve has decided to extend its bond-buying program dubbed “Operation Twist” but investors expected more such as a third round of quantitative easing.

This was followed by the release of the report about the slowing manufacturing activity in China and Europe.

Relatively, the peso pulled back against the dollar after closing at P42.42, weaker than the previous day’s P42.13.

The local unit opened at P42.20, same as day-ago’s P42.20.

It traded between P42.44 and P42.15 resulting to an average of P42.26, down from day-ago’s P42.13.

Volume of trade totalled to US$ 941.10 million, lower than the previous day’s US$ 1 billion. (PNA)

lgi/JS

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