Philippine stocks followed Wall Street lower while the benchmark index consolidated in the 7,000 level as foreign buying remained steady. /PDI
Commodities outperformed on Thursday as the mining and oil subsector rose 1.59 percent.
Investors placed bets on mining stocks after Finance Secretary Benjamin Diokno said industry revenues could be used to bankroll the administration’s proposed sovereign wealth fund. Services also gained 0.17 percent while financials , property , industrial and holding firms ended lower.It was followed by SM Investments Corp., down 0.37 percent to P930.50; Jollibee Foods Corp., down 0.8 percent to P248; International Container Terminal Services Inc., down 1.62 percent to P218; and Converge ICT Solutions Inc., up 0.11 percent to P19.02 per share.
Overall, there were 107 advancers against 83 losers while 53 companies closed unchanged, stock exchange data showed.
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