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Philippine bourse suffers blow on lack of market-moving news

Xinhua, August 11, 2016 Adjust font size:

The Philippine stock market suffered a huge blow on Thursday on lack of market-moving news.

The bellwether Philippine Stock Exchange index slipped by 0.87 percent or 70.05 points to 7,981.35, while the broader all-share index declined by 0.76 percent or 36.48 points to 4,742.41.

Trading volume reached 1.64 billion shares worth 17.56 billion Philippine pesos (375.45 million U.S. dollars) with 137 stocks declining, 61 advancing, and 39 were unchanged.

All six counters were down, led by the mining and oil sector.

Online brokerage 2TradeAsia.com said the local equities might continue with its sideways movements as investors wait for more developments locally and overseas.

"Some might wait on catalysts for growth in the economy, while in the process of digesting all earnings report as a basis for the overall growth potential," it said.

Given the dearth of news, 2TradeAsia.com said it will be more prudent for investors to wait at the sidelines and trade within a range.

Stocks in the 30-company index were mostly down. These include Megaworld Corp., SM Prime Holdings, Inc., and the Bank of Philippine Islands. Endit