Aug 082013

MANILA, Philippines – Local stocks barely moved yesterday as investors stayed on the sidelines ahead of a long weekend.

The Philippine Stock Exchange index fell 0.26 percent or 16.56 points to settle at 6,404.23, while the broader all shares index slipped 0.13 percent or 4.93 points to 3,918.63.

“The market was quiet again. It seems like most investors are already on a holiday mood given the long weekend as seen in the value turnover,” Astro del Castillo, managing director of First Grade Finance Inc.

Financial markets are closed today due to Eid al-Fitr celebration.

Asian bourses closed mixed, with Japan’s Nikkei 225 continuing to suffer from volatility as it declined 1.59 percent or 219.38 points to 13,605.56, while Hong Kong’s Hang Seng index inched up 0.31 percent or 67.04 points to 21,655.88.

Wall Street also failed to bring good news to the local market.

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The Dow Jones industrial average lost 0.3 percent or 48.07 points to 15,470.67, while the Standard & Poor’s 500 index shed 0.4 percent or 6.46 points to 1,690.91 on disappointing earnings.

In the local bourse, most subindices were in the red, led by holding firms that eased 0.37 percent or 21.21 points to 5,784.31. Mining and oil bucked the trend, barely rising 0.09 percent or 13.32 points to 14,500.33.

Turnover value dropped anew to P4.18 billion from P4.94 billion on Wednesday. Advancers barely outplayed decliners, 63 to 61, while 57 stocks did not change.

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