Philippine stocks down for the week

Posted at 07/11/14 6:31 PM

MANILA, Philippines - Philippines stocks are down for the week after briefly touching the 7,000 mark on Monday.

Some investors bet prices had again outpaced fundamentals as stocks rose to a 13-month high at the start of the week.

Global investors were also pessimistic, speculating Fed meeting minutes would show support for an interest rate hike.

The Fed minutes released on Wednesday actually indicated a rate hike may come as late as the second half of next year.

For the week, the Philippine Stock Exchange index (PSEi) fell less than one percent to 6,901. For the day, it was a half percent decline.

The big gainer of the week was Pancake House, as trading resumed following last week's announcement it was merging with the Max's Group of Restaurants. It gained 50 percent on Wednesday and 30 percent on Thursday.

Pancake House gave up some of those gains on Friday, capping its jump since before the merger announcement at 73 percent.

Friday's big losers were Pancake House, Belle Corp. and Metro Pacific.

Gainers were led by Greenergy and AgriNurture, both controlled by Tony Tiu. Greenergy got a P287.5 million investment from another company controlled by Tiu. It's at least the third transaction of the Tiu companies since last week.

Also up, Lucio Tan's LT Group and Ramon Ang's Top Frontier, which this week said it will start mining and processing nickel, copper and gold in five years.

Meanwhile, at the foreign exchange market, the peso weakened, closing at P43.56 against the dollar.