PSEi down 68.41 points

The local stock barometer continued to tumble yesterday as the renewed slump in China’s stock markets curbed risk appetite across regional markets.

The Philippine Stock Exchange index lost 68.41 points or 0.91 percent to close at 7,479.03, declining for the second consecutive session.

The local market was weighed down by net foreign selling which amounted to P1.27 billion for the day, especially in the absence of fresh catalysts even in the latest State-of-the-Nation-Address of President Aquino.

All counters ended in negative territory but the most battered were the financial and holding firm counters which slid by more than 1 percent.

“The market has remained within trading range but still lacked impetus for a continued rally possibly due to lack of leads,” said local stock brokerage DA Market Securities.

Value turnover for the day amounted to P6.85 billion. There were 46 advancers which were edged out by 122 decliners while 38 stocks were unchanged.

DMCI and BDO led the PSEi lower, falling by 3.38 percent and 2.86 percent, respectively. DMCI is still reeling from the mining accident at Semirara while BDO’s six-month results were lower than market expectations.

FGEN was also down by 2.4 percent while GTCAP, Metrobank, Globe, SMIC, MPIC and AP all declined by over 1 percent.

Shares of URC, PLDT, JG Summit, ALI, AC, Semirara, ICTSI, Jollibee, Megaworld and Meralco also declined. Doris Dumlao-Abadilla