PSEi retreats amid sluggish regional markets

AP FILE PHOTO

MANILA, Philippines — The local stock barometer returned to the doldrums on Wednesday, ending a two-day run-up, as investors lacked new catalysts amid a mostly sluggish regional backdrop.

The main-share Philippine Stock Exchange index gave up 4.06 points or 0.06 percent to close at 6,462.49 in mixed trade.

Despite some profit-taking mostly among local investors, foreign investors were still in a net buying position to the tune of P570 million.

The index was weighed down by the financial, holding firms, services and property counters. On the other hand, the day’s biggest gainer was the mining/oil segment which advanced by 1.32 percent while the industrial counter eked out modest gains.

Value turnover for the day amounted to P10.19 billion.

Despite the decline in the main index, there were more advancers (83) than decliners (75) in the market while 48 stocks were unchanged.

The main index was weighed down by profit-taking on ALI (-1.55 percent) while ICTSI, BDO, JGS, AGI, MPI, SMIC, AC and Globe likewise declined.

Among the big PSEi gainers were EDC (+3.87 percent), GTCAP (+1.46 percent) and Megaworld (+1.22 percent) while AP, PLDT, DMCI, Meralco and BPI also closed higher.

Outside the main index, GSM surged by 10.26 percent on speculation that parent SMC may consider offers from interest investors although SMC president Ramon S. Ang had said this was not in the cards for the board meeting in March.

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