PSEi slips ahead of long weekend
The local stock barometer slipped on Friday as volatile crude oil prices continued to curb investors’ risk-taking.
The main-share Philippine Stock Exchange index lost 44.17 points or 0.56 percent to close at 7,814.17.
For the week, the PSEi lost a total of 68.06 points or 0.8 percent.
“Shares were dragged down with US stocks declining, oil prices slumping into a bear market, and the unexpected inclusion of China’s A-shares into the MSCI index. Crude futures sank to a 10-month low amid worries of a supply glut. West Texas Intermediate (WTI) was down 2 percent to $43.23 per barrel in Nymex – the lowest since August,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The day’s decline was led by the property counter, which fell by 1.69 percent. The financial, industrial, holding firm and services counters also slipped.
Only the mining/oil counter was slightly up.
Value turnover for the day amounted to P6.9 billion. Foreign investors were net sellers amounting to P374.81 million.
Despite the PSEi’s decline, there were slightly more advancers (100) than decliners (98) in the broader market as investors looked for buying opportunities outside large-cap stocks.
The PSEi was weighed down most by SM Prime, URC and ICTSI while Ayala Land, Ayala Corp. and LTG slipped by over 1 percent.
Shares of SM Investments, BDO, BPI, Jollibee, Security Bank and JG Summit also declined.
Outside the PSEi, notable decliners included Melco Resorts, which tumbled by 4.29 percent.
On the other hand, Metrobank gained 1.1 percent while Semirara, PLDT and DMCI also firmed up.
One notable gainer outside the PSEi was Wilcon Depot, which hained 4.64 percent.
Across the region, stock markets traded with mixed sentiment.
