Stocks Fall on Exchange Worries
May 17, 2011
Traders said, however, that the market gained some ground towards the end of the session because of expectations that the government will announce Thursday that inflation slowed in August. The Philippine Stock Exchange index fell 10.29 to 3197.60. Losers eclipsed gainers 73 to 27, with 77 issues unchanged. Although volume dwindled to 8.16 billion shares from 9.26 billion shares, the value of traded stocks increased to 1.78 billion pesos from 1.45 billion pesos as more money poured into blue chips and second-tier stocks. The main focus of Wednesday's session was Solid Group, formerly United Paracale Mining. The newly-listed share closed at 6.30 pesos, up 45 centavos from its offer price of 5.85 pesos.
