PSEi ends lower

The local stock barometer slipped yesterday as sluggish global markets soured investor sentiment.

The Philippine Stock Exchange index (PSEi) lost 8.98 points or 0.14 percent to close at 6,654.45. For the week—the first trading week of the Lunar Year of the Fire Monkey—the main price index shed a total of 110.68 points or 1.6 percent.

Across the region, stock markets were sluggish due to a string of concerns on the global economy.

The PSEi was led lower by the property counter, which slumped by 1.07 percent, while the financial, industrial and services counters also slipped.

On the other hand, the mining/oil counter bucked the downturn, gaining 1.29 percent, while holding firms also modestly gained.

There were 62 advancers, which were overwhelmed by 109 decliners, while 34 stocks were unchanged.

The local stock barometer was weighed down by SM Prime, Megaworld and First Gen, which all fell by 2 percent, while Jollibee, SMC and Metro Pacific Investments Corp. all slumped by more than 1 percent.

URC, the day’s most actively traded stock, lost 0.88 percent. Doris Dumlao-Abadilla