PSEi falls below 7,100

MANILA, Philippines–The local stock barometer slipped below 7,100 again on Tuesday, weighed down by local jitters alongside the US Federal Reserve’s upcoming monetary decision.

The Philippine Stock Exchange index (PSEi) lost 36.8 points, or 0.52 percent, to close at 7,066.74. Across the region, sentiment was cautious ahead of the US Fed’s decision on its stimulus program.

All counters ended lower but the most battered was the property counter, which fell 1.06 percent, weighed down by the decline of SM Prime (-3.51 percent).

Ayala Corp. was likewise down 1.75 percent as President Aquino favored a rebidding of the Cavite-Laguna Expressway project.

PLDT, Universal Robina Corp., GT Capital, First Gen Corp., BDO and Ayala Land also weighed down the index.

Outside of PSEi stocks, Puregold (-3.99 percent) and Abra Mining (-5.49 percent) declined in heavy volume.

On the other hand, SM Investments Corp., Metrobank, Bloomberry and Aboitiz Power gained ground.

One notable gainer among non-PSEi stocks was Island Information and Technology Inc., which surged by 26.42 percent on backdoor-listing speculations.

There were 69 advancers, which were overwhelmed by 97 decliners, while 47 stocks were unchanged. Value turnover for the day stood at P6 billion.

“There’s a clear downside bias with buying support waning on the back of lower value turnover. It presents a likelihood of seeking lower support levels,” local stock brokerage DA Market Securities said.–Doris C. Dumlao