The Philippine Stock Exchange Index fell 1.3 percent to 4,755.98.
Banks: Bank of the Philippine Islands (BPI) (BPI PM), the nation’s largest lender by market value, declined 3.4 percent to 64.50 pesos, snapping an eight-day rally that drove the stock to a record yesterday. Metropolitan Bank & Trust (MBT) Co. (MBT PM) fell 1.3 percent to 83.40 pesos, after jumping 5.1 percent yesterday to the highest close since March 1997.
Bank of Philippine Islands’ 14-day relative strength index, a gauge of how rapidly a stock has risen or fallen, climbed to 92.4 yesterday, while that of Metropolitan Bank climbed to 79.3. Some investors view a level of more than 70 as a sign that a security is poised to fall.
Miners: Philex Mining Corp. (PX PM), the nation’s biggest metals producer, fell 2.9 percent to 22 pesos, the biggest loss since Dec. 15, as copper futures slipped for a second day. Lepanto Consolidated Mining Co.’s Class A shares (LC PM), which are reserved for Filipinos, fell 4.3 percent to 1.55 pesos, the lowest close since Dec. 15.
Copper for delivery in three months declined as much as 0.8 percent today on the London Metal Exchange. Futures lost 0.8 percent yesterday.
To contact the reporter on this story: Ian Sayson in Manila at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org