The local stock barometer slumped below the 7,300 mark yesterday as regional markets traded with caution ahead of US Federal Reserve Chair Janet Yellen’s speech.
The Philippine Stock Exchange index (PSEi) lost 60.12 point or 0.82 percent to close at 7,274.40 as investors dumped large-cap stocks while awaiting fresh signals on how soon the US Fed will again raise interest rates.
In previous days, there were talks that the Fed might raise interest rate as early as April.
At the local market, the PSEi was weighed down most by the holding firm index, which slid by 1.14 percent, while the financial, industrial and property counters also faltered.
On the other hand, the services and mining/oil counters modestly gained.
Total value turnover for the day amounted to P5.52 billion. Despite the PSEi’s decline, there were more advancers (115) than decliners (97) in the market, which meant that investors scouted for buying opportunities outside the PSEi.
The PSEi was led lower by GT Capital, which fell by 2.68 percent, while SM Investments Corp., SM Prime, Ayala Corp., Aboitiz Equity Ventures, AGI and BPI all lost more than 1 percent.
On the other hand, URC, Ayala Land, BDO, JG Summit, Semirara and Megaworld also slipped.
Emperador and First Gen were among those which ended higher, rising more than 1 percent. Globe and MPI also advanced.
Outside of PSEi stocks, investors picked up shares of RRHI, Security Bank and Puregold, which all gained in heavy volume. Doris Dumlao-Abadilla