THE LOCAL stock barometer slumped for the third straight trading day on Tuesday but pared losses at close as volatile China stocks rebounded in late session.
The Philippine Stock Exchange index lost 35.52 points or 0.51 percent to close at 6,891.30 as weak trade data out of China spooked regional markets in early trade. The index fell to as low as 6,862.80 in early session.
Late in the trading day, however, China’s stock markets firmed up after a sluggish start.
At the local market, all counters ended lower but the financial and mining/oil counters were the most battered, both slipping by over 1 percent.
Value turnover was still thin at P4.73 billion. There were 63 advancers which were edged out by 100 decliners while 44 stocks were unchanged.
LTG fell by 3.15 percent while Metrobank slumped by 2.38 percent. SMIC and ICTSI fell by over 1 percent while PLDT, ALI, AP, EDC and Megaworld also declined.
On the other hand, AC, SM Prime, JG Summit, GTCAP and Jollibee eked out modest gains.
Outside of the PSEi, Puregold rose by 1.88 percent winning a P2.7 billion tax dispute with the Bureau of Customs. Meanwhile, DoubleDragon rose by 3.54 percent.