Stocks ease on global tension

The local stock barometer slipped Friday as risk aversion escalated across regional markets following the shooting down of a Malaysian Airline plane above Ukrainian airspace.

The Philippine Stock Exchange index (PSEi) lost 14.29 points or 0.21 percent to close at 6,853.07.

Dealers said the market was affected by rising geopolitical tension following the attack on the Malaysian aircraft as well as the hostilities in the Gaza strip as the ground invasion by Israel has started.

The market was weighed down by the industrial, holding firm, services and property counters while the financial and mining/oil counters managed to firm up.

“I am patiently waiting for further drops in stock prices because I believe asset prices are bound to go higher later this year,” said Gus Cosio, president of First Metro Asset Management Inc.

Value turnover for the day was thin at P5.27 billion. There were 72 advancers, which were edged out by 94 decliners, while 52 stocks closed unchanged.

The PSEi’s decline was led by Jollibee (-2.64 percent) while SM Investments Corp., SM Prime and Robinsons Land Corp. all fell more than 1 percent.  Investors also sold down shares of PLDT, Alliance Global Group Inc. and Metrobank.

Another notable decliner for the day was Puregold (-1.78 percent).

On the other hand, Philex was up for the day (+3.5 percent) as the company unlocked P777.4 million from the sale of its property in Pasig. Universal Robina Corp., Ayala Corp., Aboitiz Power, Globe and GT Capital also gained yesterday. Doris C. Dumlao