Stocks fall for third straight day

By Maiki Oreta, ABS-CBN News

Posted at Oct 12 2010 01:06 PM | Updated as of Oct 12 2010 09:08 PM

MANILA, Philippines - Stocks extended their losing streak for a third session in a row on Tuesday, tracking the weakness in other Asian markets.

Traders also said investors opted to book profits given the dearth of major developments on the local front.

By the end of trading, the key Philippine Stock Exchange index was down 1.2% or 52.31 points to 4,166.52.

The broader all-share index fell 1.1% or 28.50 points to 2,659.75.

All subindices ended in negative territory, led by the property sector, which retreated by 3.2%.

Losers swamped gainers, 101 to 41, while 25 issues were unchanged.

A total of 1.43 billion shares worth P6 billion changed hands.

Energy Development Corp. was the most actively traded stock by value, losing 1.6% to P6.17.

Second most active was Metro Pacific Investments Corp., which fell for the 4th straight day. It closed down 2.5% at P3.86.

Bucking the market downtrend was Aboitiz Power Corp., which rose to a fresh record high of P25. Traders said upbeat third-quarter earnings forecast and the upward revision on its target price prompted investors to buy the stock.