Philippine stock market continues to dip due to selling pressure

The Philippine stock market continueed to give in to selling pressures on Wednesday on lack of leads.

The bellwether Philippine Stock Exchange index was down by 0.10 percent or 7.56 points to 7,787.37, while the broader all-share index slipped by 0.05 percent or 2.34 points to 4,633.88.

Trading volume reached 1.32 billion shares worth 13.17 billion Philippine pesos with 100 stocks declining, 82 advancing, and 52 were unchanged.

Online brokerage 2TradeAsia.com said the local equities mirrored Wall Street's descent as concerns continue to hover on a US Federal Reserve rate hike.

"We believe however that today's session might be more complacent as most would have digested that the recent share price fluctuations have already factored in the possible rate hike," it said.

"Our view was rooted from the central bank's (BSP) recent comments that the local monetary policy still deemed to be appropriate even if the rate hike would push through," it added.

2TradeAsia.com put the local equities' Immediate support at 7,750, while resistance is seen at 7,850.

Stocks in the 30-company index finished mixed. Investors sold down Ayala Corp. and Jollibee Foods Corp.

Source : XINHUA