Shares dip as investors remain apprehensive on investing heavily ...

MANILA, Philippines (Xinhua) - The stock market dipped today as investors remained apprehensive on investing heavily in the local equities.

The bellwether Philippine Stock Exchange index fell by 0.54 percent or 26.10 points to 4,775.93, while the broader all-share index declined by 0.59 percent or 19.23 points to 3,236.00.

Trading volume reached 11.05 billion shares worth P8.25 billion ($194.30 million) with 93 stocks declining, 67 advancing, and 48 unchanged.

Of the six counters, only the financial sector bucked the trend and gained 0.4 percent.

Claire Quiray of Regina Capital Development Corp. said in an interview that the market remains overbought and this has attracted investors to start booking their gains.

Concerns over Greece has also dampened sentiment, especially among foreign investors who dumped their shares when the month opened. Today however, they were net buyers.

"The Philippine equities continues to consolidate. Investors remain uncertain on what move to take next since they are unsure where the market is heading right now," Quiray said.

Analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market report that it did not help that there is barely any news locally.

"The index will test a critical support level of between 4,750 to 4,770, where we may reasonably expect buying interest to return and keep such levels valid," Calaycay said.

Stocks in the 30-company index were mostly down. Heavyweight Philippine Long Distance Telephone Co., SM Investments Corp., and Alliance Global Group, Inc. went down.

Source: http://www.philstar.com/Article.aspx?articleId=777552&publicationSubCategoryId=200

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