Stocks retreat after key index sets year’s high

June 6, 2017

Stocks retreated on Tuesday after setting the key index set the highest mark for the year even as foreigners were net buyers, The Philippine Stock Exchange index closed 48.26 points lower to 7,953.12. In the broader market, there were 116 decliners, 82 gainers and 47 shares unchanged. Volume reached 3.1 billion shares worth P8.18 billion. Foreigners bought P3.93 billion worth of shares compared to selling of P3.74 billion. Losers were led by Synergy Grid and Development, which fell 34.9 percent to P175.1, Alliance Global, down 4.05 percent to P14.20 and Metro Pacific Investments, dwn 2.36 percent to P6.21. Meanwhile, the peso closed 16 centavos lower to close at P49.56 from Monday’s P49.40. Volume at the Philippine Dealing System went down to $505.4 million from the previous $609.9 million. DMS