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RP Stocks Down


Local stocks slowed down as uncertainties in the world market, triggered by the increase in US private payrolls at a much slower pace than market expectations and Moody’s warning of a sovereign credit downgrade on Spain, arises.

The main-share Philippine Stock Exchange Composite index or PSEi, lost another 24.28 points or 0.73 percent to 3,290.98 on Friday after losing 57.45 points or 1.7 percent to close at 3,315.26 on Thursday.

 The value turnover was almost at Php2.64 billion with 86 stocks declined, 20 advancers and 66 unchanged.

Aboitiz Power Corp., Metropolitan Bank & Trust Co., SM Prime Holdings Inc., DMCI Holdings Inc., International Container Terminal Services Inc. and First Gen Corp. were some of the stocks that continued to decline.

On the other hand, stock prices of Ayala Land Inc., Metro Pacific Investments Corp. and Universal Robina Corp. were unchanged.

Investors are still optimistic of President Aquino’s government and are waiting for the administration to come up with fiscal policies addressing the budget deficit and revenue-boosting measures.

Meanwhile, the Dow Jones Industrial Average went down 96.28 points on Wall Street overnight, the trend spreading to Asian and European markets.