Stocks fall for the fourth day as investors dump PLDT shares

MANILA, Philippines - Market heavyweight Philippine Long Distance Telephone Co. (PLDT) dragged down the stock market after a credit rating agency may change its assessment of the telecom giant. The bellwether Philippine Stock Exchange index gave up 0.58 percent or 10.34 points to 1,759.33, tracking Wall Street's decline. The broader all-shares dipped 0.26 percent or 3.03 points to 1,163.48. "Dreary opening of the market as investors continue to liquefy PLDT stocks has sent the main index into another day of losses. Showing relative improvement from the [PSEi's] 86-point drop [on Monday], losers have still managed to beat gainers," Unicapital Securities Inc. said adding market volume thinned to 772 million worth P1.57 billion. PLDT, which cornered 38.09 percent of the trading, lost P25 to close weaker at P1,870. Earlier, Moody's Investors Service said that it may upgrade its local currency issuer rating. But its assessment changed to “direction uncertain" after PLDT announced plans to buy 20 percent of the Lopez-led Manila Electric Co. for P20 billion. The move is seen to reduce PLDT’s liquidity reserves, Moody’s said. Losers led gainers, 32-30 while 51 shares were unchanged. The industrial and holding firm indices bucked the downtrend, ending slightly higher at 2,491.74 and 857.97, respectively. The mining and oil index posted highest losses with 3.39 percent or 126.85 points, ending at 3,615.58. The property index dipped 0.46 percent or 2.43 points to 527.96. while financial index headed south to 388.32. Gotianun-led Filinvest Land, Inc. led top gainers, advancing 9.38 percent to P0.35 while Philodrill Corp. was the top loser as it gave up 9.09 percent to close at one centavo. - GMANews.TV