Stocks down on external woes

THE LOCAL stock barometer slipped below the 6,700 mark Tuesday as investors pocketed gains from the recent market rebound amid sluggish regional markets.

The Philippine Stock Exchange index (PSEi) lost 58.91 points or 0.88 percent to close at 6,642.45, ending a four-day run-up. Across the region, sentiment was soured by a renewed selloff in oil following gloomy economic data out of China.

The local market was weighed down by holding firms, which fell 1 percent, while the financial, industrial and services counters likewise slipped.

On the other hand, the mining/oil counter gained 1.64 percent while the property counter ended with a modest gain.

Value turnover stood at P6.3 billion. Despite the PSEi’s decline, market breadth was positive as there were 84 advancers as against 79 decliners. This suggested that investors who locked up gains from large caps had bought into second- or third-liner stocks.

The PSEi was weighed down by GT Capital, which lost 3 percent, while BDO, AEV, PLDT and JG Summit tumbled more than 2 percent. SM Prime, Metrobank and AGI also eased 1 percent. URC, AP, MPIC and Jollibee also slipped at a modest pace. Doris Dumlao-Abadilla