PSEi slips on commodity slump

THE LOCAL stock barometer slipped on Tuesday as a slump in commodity prices curbed regional markets.

The Philippine Stock Exchange index lost 3.59 points or 0.05% to close at 6,992.60, tracking a regional downturn. An expected US Federal Reserve interest rate lift-off is boosting the US dollar, in turn making industrial metals less attractive for investors.

At the local market, the PSEi was weighed down by the holding firm, service, mining/oil and property counters.

On the other hand, the financial and industrial counters eked out modest gains.

Value turnover for the day amounted to P5.76 billion. There were 115 decliners which overwhelmed 57 advancers while 40 stocks were unchanged.

GTCAP, Metrobank, AC, ALI, Globe, EDC, MPI and AP dragged down the PSEi. Outside of the main index, one notable decliner was Security Bank which fell by 3.1 percent.

The PSEi’s decline was tempered by DMCI’s 3-percent gain alongside BDO which rose by 2.2 percent. URC, PLDT, and JG Summit modestly firmed up.

Manila Water rose by 1.86 percent.

Newly listed Metro Retail was the day’s most actively traded stock, rising by 0.25 percent to close at P4 per share. Gains were trimmed from as high as 12.5 percent in inaugural intra-day trade.

Another retailer, SSI, surged by 8.51 percent in heavy trade as investors played catch-up to Metro Retail’s valuation.