PSEi stays afloat 7,500

THE LOCAL stock barometer slipped for the second straight session but pared losses to stay afloat 7,500 on Tuesday as global financial markets awaited the fate of debt-strapped Greece.

The Philippine Stock Exchange index ended the session lower by 2.88 points or 0.04 percent to close at 7,564.50.

For the first time in nine trading days, the PSEi retested the 7,400 level in intra-day trade, falling to as low as 7,496.43 before firming up in line with the rebound across regional markets. The PSEi trimmed losses in afternoon trade, however, on the back of combined bargain-hunting as well as quarter-end and month-end window-dressing activities.

There was about P509 million in net foreign buying for the day.

On Tuesday, global markets were expecting Greece to default on a repayment due to the International Monetary Fund on June 30. Investors are also bracing for its possible exit from the euro-zone.

The day’s decline was led by the industrial, services, mining/oil and property counters while the financial and holding firm counters ended with modest gains.

Value turnover for the day amounted to P10.68 billion, including block trades on BPI, Metrobank, Semirara, BDO, SMIC, MPI and Puregold.

There were nearly twice as many decliners (118) as advancers (61).

AGI led the PSEi lower, plummeting by 3.56 percent while URC, Megaworld and Jollibee tumbled by over 1 percent.

ALI, PLDT, Globe, JG Summit, ICTSI and DMCI also declined.

On the other hand, investors picked up shares of AC, SMIC, Metrobank and AP which all climbed by over 1 percent while AEV, BDO, GTCAP, MPI and SM Prime also contributed gains.