Local stocks ignore Wall St gains

By Maiki Oreta, ABS-CBN News

Posted at Oct 19 2010 01:05 PM | Updated as of Oct 19 2010 09:05 PM

MANILA, Philippines - Local stocks retreated for the third straight day on Tuesday, shrugging off gains in Wall Street overnight.

The key Philippine Stock Exchange index fell 24.03 points or 0.57% to 4,191.25.

The broader all-share index went down 17.70 points or 0.66% to 2,664.58.

The subindices were mixed. The services, industrial and mining and oil sectors finished significantly lower while the financial, holdings and property sectors posted minimal gains.

Overall, market breadth was negatives as decliners outnumbered advancers, 86 to 44. There were 54 issues unchanged.

A total of 2.34 million shares valued at P4.48 billion were traded.

Metropolitan Bank and Trust Co. was the most actively traded stock by value, jumping 2.2% to P70.

Second most active was Alliance Global Group Inc., which rose 0.4% to P11. The company earlier announced that profits of its unit Emperador Distillers Inc. grew 180% to P1.06 billion in the first 9 months of the year.

Meanwhile, Alliance Global's property arm, Megaworld Corp., was the third most actively traded. Its shares jumped 5.7% to P2.59.