PSEi ends lower
The local stock barometer slipped for the second straight session Friday ahead of a closely watched US jobs report that may influence the timing of US interest rate increases.
The Philippine Stock Exchange index (PSEi) lost 57.43 points or 0.76 percent to close at 7,532.52. Across the region, sentiment was cautious as investors awaited further clues that could seal the deal for the US Federal Reserve to raise interest rates next month.
For the week, the PSEi declined by a modest 17.48 points compared to last Friday’s closing of 7,550. The decline in the last two days, which was also partly due to the pricing in of local second-quarter earnings results, wiped out the gains seen earlier in the week.
The decline was led by the financial, holding firm and services counters, which all fell by more than 1 percent. On the other hand, the mining/oil counter rose 1.02 percent while the property counter was up by a modest 0.49 percent.
Value turnover for the day amounted to P7.3 billion. There were 67 advancers, which were outnumbered by 109 decliners, while 43 stocks were unchanged.
Universal Robina Corp., GT Capital, Ayala Corp. and Megaworld all slumped more than 2 percent while PLDT, SM Investments Corp. and ICTSI dipped more than 1 percent.
Globe, Meralco and BPI all contributed to the PSEi’s decline.
Outside of the PSEi, there was profit-taking on Security Bank (-3.19 percent).
Among those that bucked the downturn was Ayala Land, which rose 1.44 percent. ALI announced a first-semester net profit of P8.4 billion, up 19 percent year-on-year.
Jollibee, Metro Pacific Investments Corp., Alliance Global Group Inc. and Semirara also modestly gained. Gaming operator Melco rose by 2.74 percent. Doris Dumlao-Abadilla
