PSEi slips on NoKor, China jitters
THE LOCAL stock barometer slipped on Wednesday as fresh geopolitical tension sparked by North Korea’s nuclear testing unnerved investors while jitters over the Chinese economy lingered.
Reversing early gains, the Philippine Stock Exchange index lost 21.23 points or 0.31 percent to close at 6,813.90.
China stocks rebounded on Wednesday but investor concerns over the Chinese economy have not abated. Meanwhile, risk appetite was also soured by reports that North Korea had conducted a hydrogen nuclear test. Trading elsewhere in the region was mostly sluggish.
At the local market, the day’s decline was led by the property counter, which tumbled by 1.42 percent while the financial, holding firm and mining/oil counters likewise declined.
The industrial and services counters modestly gained.
Total value turnover for the day stood at P4.26 billion. There were 68 advancers which were overwhelmed by 101 decliners while 35 stocks were unchanged.
Article continues after this advertisementALI led the PSEi lower with its 2.5 percent fall. It was also the day’s most actively traded stock.
Article continues after this advertisementSM Prime, AC, SMIC and BPI all fell by over 1 percent while Metrobank, Globe, BDO, MPI and JG Summit also declined.
Outside of PSEi stocks, Security Bank (-0.84 percent) and Pepsi PH (-1.1 percent) declined in relatively heavy trade.
On the other hand, RLC bucked the day’s downturn with its 2.47 percent gain while Jollibee, PLDT and Megaworld all advanced by over 1 percent. GTCAP, DMCI and AEV also gained.
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