Sidelined Investors Lower Index
April 27, 2011
The Philippine Stock Exchange Index fell 8.05 to 3093.73 on volume of 2.14 billion shares. Decliners led gainers 53 to 37 while 84 issues were unchanged. Aside from the May 02, 2011 investors also were waiting to see how the partial deregulation in petroleum-product pricing would affect inflation. The deregulatory action resulted in a 50-centavo increase in gasoline prices that was started Wednesday. Oil refiner Petron shed 50 centavos to 10 pesos, and Metropolitan Bank & Trust lost five pesos to 565 pesos. Construction concern DMCI Holdings shed 1 peso to 16 pesos, even after reporting that first-half net profit tripled to 365.2 million pesos from 121.4 million pesos. Analysts attributed the decline to profit-taking from one brokerage that has favored DMCI shares since they were first offered last November at 9.12 pesos. The commercial and industrial index was down 8.19 to 4195.94, the property index fell 0.92 to 162.36, the mining index lost 5.44 to 2578.15 and the oil index was up 0.04 to 6.02.
