PSEi continues to weaken

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

The Philippine Stock Exchange index (PSEi) 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, falling to as low as 7,496.43 before firming up in line with the rebound across regional markets. The PSEi trimmed its losses in afternoon trade on bargain-hunting and quarter-end and month-end window-dressing activities.

Net foreign buying for the day amounted to P509 million.

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 eurozone.

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. Doris Dumlao-Abadilla