Stocks down on profit-taking

The local stock barometer slipped for the first time in six sessions Monday on global economic jitters and profit-taking pressures. The Philippine Stock Exchange index (PSEi) lost 39.5 points or 0.55 percent to close at 7,092.41.

After the US Federal Reserve decided to keep interest rates unchanged during a closely watched meeting last week, concerns on the global economy reverberated anew across regional markets.

At the local bourse, the interest rate-sensitive property index was the most battered, declining by 2.64 percent. The US Fed’s non-action only prolonged the waiting game for an imminent US interest rate increase, which many believed would still happen within this year.

The financial, holding firm, services and mining/oil counters also declined.

Value turnover at the local market amounted to P6.84 billion. There were 71 advancers that were edged out by 110 decliners while 35 stocks were unchanged.

SMPH led the property index lower, declining by 4.47 percent. GTCAP also fell by 2.31 percent while PLDT tumbled by 1.45 percent. AGI, BPI, URC, EDC and AC also faltered. Doris Dumlao-Abadilla