MANILA, Philippines—(UPDATE) Local stocks dipped for a fourth day on Thursday despite a strong overnight rebound on Wall Street and favorable news about third-quarter domestic economic output.
The main-share Philippine Stock Exchange index lost 27.05 points, or 0.65 percent, to close at 4,097.49.
The decline was led by the holding firm and industrial counters which both tumbled by over 1 percent.
There were 53 advancers, which were edged out by 74 decliners, while 42 stocks were unchanged.
Only the property counter managed to buck the day's downturn with a marginal gain of 0.62 percent.
Value turnover stood at P5.35 billion.
Mixed trading marked the list of active stocks, with the likes of SM Investments Corp., Alliance Global Group Inc., Metropolitan Bank & Trust Co., Philippine Long Distance Telephone Co., Sta. Lucia Land Inc., Ayala Land Inc., Belle Corp., San Miguel Corp. and Filinvest Land Inc. gaining ground.
On the other hand, the following stocks succumbed to profit-taking: Nickel Asia Corp., Aboitiz Power Corp., Cebu Air Inc., Universal Robina Corp., Manila Electric Co., Megaworld Corp., DMCI Holdings Inc., Energy Development Corp., Atlas Consolidated Mining & Development Corp., Aboitiz Equity Ventures Inc. and First Gen Corp.
Overnight, the Dow Jones Industrial Index was up by 150.91 points, or 1.37 percent, to 11,187.28 on a string of favorable economic reports ahead of the Thanksgiving holiday.
Meanwhile, the government's statistical board announced that the Philippine domestic economy grew by 6.5 percent in the third quarter year on year on robust consumer confidence.
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