Stocks lower on concerns over US economy


Posted at Oct 15 2010 01:17 PM | Updated as of Oct 15 2010 09:17 PM

MANILA, Philippines - Local stocks, along with Asian markets, ended lower Friday on concerns that expected monetary easing by the Federal Reserve may not be enough to jumpstart the US economy.

The key Philippine Stock Exchange index fell 0.4% or 16.93 points to 4,216.35 as investors took profits.

Washington announced new claims for unemployment benefits in the US unexpectedly rose above forecast. The Fed is now expected to announce a series of measures to boost recovery in the world's biggest economy after

Friday's decline brought the Philippine market's week on week loss to half a percent.

The broader all-share index also fell 0.05% or 1.34 points to 2,684.58.

Except for the industrial and holding firm sectors, all subindices were in red. Property stocks were down the most.

Losers beat advancers, 72 to 56, while 44 issues were unchanged.

Value turnover came in at P5.65 billion.

SM Investments Corp. was the most actively traded stock by value, losing 0.2% to P534.

Second most active was Metropolitan Bank and Trust Co., which retreated 4% to P68.95.

There were, however, a couple of stocks that bucked the market's downtrend.

Aboitiz Equity Ventures Inc. and its unit, Aboitiz Power Corp., reached record highs.

AEV added 3.7% to P31 while AP gained 4.6% to P26.30. - Maiki Oreta, ABS-CBN News; With AFP