PSEi down in thin trade

The local stock barometer slipped Monday ahead of President Aquino’s State of the Nation Address alongside caution arising from the start of the so-called “ghost month.”

The Philippine Stock Exchange index (PSEi) lost 39.08 points or 0.57 percent to 6,850.47.

While most were tuned in to the President’s Sona, Monday also started the first day of the “ghost month” period, during which Chinese investors deem it unlucky to make big-ticket investments. This is also the period when many European investors take long summer vacations, thereby resulting in thin trading volumes across global markets.

At the local bourse, value turnover was thin at P4.56 billion. There were 52 advancers, which were overwhelmed by 121 decliners.

All counters ended in the red, led by the mining/oil counter, which fell by 1.11 percent. Doris C. Dumlao