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Roundup: Philippine bourse closes lower as selling pressure mounts

Xinhua, August 6, 2015 Adjust font size:

The Philippine stock market gave in to selling pressure on Thursday, ending this week's winning streak.

The bellwether Philippine Stock Exchange index slipped by 0.95 percent or 72.60 points to 7,589.95, while the broader all-share index tumbled by 0.80 percent or 35.01 points to 4,347.93.

Trading volume reached 1.08 billion shares worth 7.42 billion Philippine pesos (162.36 billion U.S. dollars) with 102 stocks declining, 58 advancing and 50 were unchanged.

All six counters were down.

"As mentioned, it would be prudent to adopt a trading approach as rallies may be capped by regional pressures," online brokerage 2TradeAsia.com said in its daily stock market comment.

As the ghost month kicks in, more and more investors are becoming hesitant in buying the battered stocks despite positive performance of the local equities.

China remains a big concern and has affected buying the past weeks.

2TradeAsia.com nevertheless offered hope that buying might resume as a result mostly of the favorable reception to July's tamer inflation.

"Consumer-related shares may continue to shine especially those with regional expansion projects," it said.

Most stocks in the 30-company index were down. These include heavyweight Philippine Long Distance Telephone Co., BDO Unibank, Inc., and Manila Electric Co. Endi