Stocks dip on overseas jitters

The local stock barometer slipped on Wednesday as fresh geopolitical tension sparked by North Korea’s nuclear testing added to investors’ jitters over the weakening Chinese economy.

Reversing early gains, the Philippine Stock Exchange index (PSEi) lost 21.23 points or 0.31 percent to close at 6,813.90.

China stocks rebounded on Wednesday but investor concerns over the Chinese economy have not abated. Meanwhile, risk appetite was also soured by reports that North Korea had conducted a hydrogen bomb test. Trading elsewhere in the region was mostly sluggish.

At the local market, the day’s decline was led by the property counter, which tumbled 1.42 percent, while the financial, holding firm and mining/oil counters likewise declined. The industrial and services counters modestly gained.

Total value turnover for the day stood at P4.26 billion. There were 68 advancers, which were overwhelmed by 101 decliners, while 35 stocks were unchanged.

Ayala Land Inc. led the PSEi lower with its 2.5-percent fall.  It was also the day’s most actively traded stock. Doris Dumlao-Abadilla