PSEi slips but stays above 7,300

THE LOCAL stock barometer succumbed to some profit-taking after two days of post-election rally on Thursday but remained afloat the 7,300 mark.

The Philippine Stock Exchange index lost 71.48 points or 0.97 percent to end at 7,325.04 against the backdrop of mostly sluggish regional markets.

All counters tumbled but the most battered were the financial, industrial and mining/oil counters which all fell by over 1 percent.

Total value turnover amounted to P8.59 billion. There were 81 advancers which were outnumbered by 105 decliners while 47 stocks were unchanged.

Investors sold down URC and LTG which both slid by over 3 percent.

SM Prime, JG Summit, SMIC, Jollibee and Globe all declined by over 1 percent.

AC, Metrobank, PLDT, GTCAP, AP and BDO also slipped.

Outside of PSEi stocks, notable decliners include Security Bank, which slid by 3.74 percent while retailers Puregold and RRHI.

Among PSEi stocks, Megaworld bucked the downturn with its 1.73 percent gain while AEV rose by 0.71 percent.

Outside the PSEi, investors gobbled up shares of DoubleDragon, which surged by 8.54 percent.