PSEi slips for fifth day

The benchmark Philippine Stock Exchange index (PSEi) slid for a fifth straight session on Tuesday amid broader worries around the region over the impact of an interest rate hike by the US Federal Reserve.

Sentiments, weighed down by global investors seeking less risky assets, caused the PSEi to fall another 0.99 percent, or 70.08 points, to 7,000.11 on Tuesday. The broader all-shares index was also down 0.94 percent, or 38.21 points, to 4,040.86.

Trading volume was relatively weak with about 533.58 million shares valued at P6.38 billion changing hands.

All subsectors were also in the red, led by the 1.31 percent decline for property developers and 1.26 percent drop for services.

Ayala Land Inc. on Tuesday was the most actively-traded stock as it fell 1.95 percent to P35.15 per share. This was followed by SM Investments Corp., down 1.44 percent to P855; Universal Robina Corp., down 2.52 percent to P201; Manila Electric Co., up 2.25 percent to P337; and Cirtek Holdings Philippines, down 10 percent to P20.70 per share. Miguel R. Camus