PHL stocks tumble as GT Capital takes center stage

Shares on the Philippine Stock Exchange tumbled on Friday, with newly listed holding company GT Capital Inc. getting most of the market’s attention.   “This is the day GT Capital listed, and that’s where the market’s attention went,” said Ramon Torres, head of portfolio management at UCPB Securities Inc.   “I understand GT Capital raised over P15 billion from its primary offering, which is the first for 2012 and one of the largest offerings in PSE history, PSE chair Jose T. Pardo said in a statement, welcoming taipan’s George S.K. Ty’s investment holding company to the market.   The main PSEi dropped 16.82 points or 0.33 percent to close at 5,156.46.   More than 1.807 billion shares valued at P15.598 billion were traded during the morning and afternoon sessions.   Decliners led advancers 87 to 76, while 44 issues closed unchanged.   The market is still on a consolidate phase after reaching all-time highs for two successive days earlier this week. The PSEi closed at 5,186.20 on April 18.   “I guess the market is still trying to absorb the recent highs,” said UCPB Securities’ Torres.   He noted, “a lot of buyers are on the sidelines waiting to get in.”   Equities remain “the best alternative to risk free securities with a net yield of two to three percent,” Torres added.   Should the 5,150 immediate support level break, then next support is at 5,100, according to the portfolio manager. — TJD, GMA News