PSEi falls below 7,000
THE LOCAL stock barometer slipped Tuesday as a slump in commodity prices led regional markets lower.
The Philippine Stock Exchange index (PSEi) lost 3.59 points or 0.05 percent to close at 6,992.60.
An expected, reports of a US Federal Reserve liftoff were boosting the US dollar, in turn making industrial metals less attractive for investors.
At the local market, the PSEi was weighed down by the holding firm, service, mining/oil and property counters.
On the other hand, the financial and industrial counters posted modest gains.
Value turnover for the day amounted to P5.76 billion. There were 115 decliners, which overwhelmed 57 advancers, while 40 stocks were unchanged.
GT Capital, Metrobank, Ayala Corp., Ayala Land, Globe, Energy Development Corp., Metro Pacific Investments Corp. and Aboitiz Power dragged down the PSEi. Outside of the main index, one big decliner was Security Bank, which lost 3.1 percent.
The market’s decline was tempered by DMCI’s 3-percent gain alongside BDO, which rose by 2.2 percent.
URC, PLDT, and JG Summit modestly firmed up. MWC rose by 1.86 percent.
Doris Dumlao-Abadilla
