PLDT drags PSEi lower

The local stock barometer swung from positive to negative territory yesterday, weighed down by further selling on telecom stocks.

Giving up early gains, the Philippine Stock Exchange index (PSEi) ended 6.38 points or 0.09 percent lower to close at 6,892.69.

Elsewhere in the region, stock markets were initially buoyed by the rise in oil prices and upbeat US jobs data for February. However, sentiment turned mixed as some investors turned skeptical of the recent run-up in equities.

At the local market, the index was weighed down by the services counter, which fell by 1.4 percent due to the selling on PLDT, which was down by another 3.73 percent as investors mulled earnings prospects for the years ahead. It was the day’s most actively traded stock.

Globe Telecom likewise fell by 1.72 percent as investors priced in stiffer competition in this business. Doris Dumlao-Abadilla