Stocks reduce losses after hitting one-year low in intraday trading

April 19, 2018

The Philippine Stock Exchange index closed at its lowest in a year in intraday trading before reducing its losses on Thursday. The index finished at 7,682.24, down 110.89. It had gone down by as much as 249.64 points to 7,543.49 before rallying in the afternoon session. In the broader market, there were 171 decliners, 58 gainers and 31 issues unchanged. Volume reached 1.82 billion valued at P11.7 billion from Wednesday's 1.10 billion shares worth P7.31 billion. Foreigners were net sellers with P8.05 billion while buying reached P5.39 billion. Most traded shares included Alliance Global, down 4.93 percent to P13.50; Megawide, down 4.89 percent to P4.38 and Bank of the Philippine Islands, up 4.81 percent to P109. The peso weakened to P52.10 against the US dollar from P52.02 on Wednesday. Volume at the Bankers Association of the Philippines rose to $654.45 million from the previous day's $502 million. DMS