Main-share index slips by 0.35%

THE LOCAL stock barometer reversed early gains yesterday as profit-taking pressures persisted against a backdrop of weak regional markets.

The main-share Philippine Stock Exchange index lost 26.71 points or 0.35 percent to close at 7,509.94. Elsewhere across the region, trading was choppy as investors turned more cautious ahead of the upcoming US Federal Reserve and Bank of Japan policy meetings next week.

For the week, the index slipped by 4.28 points from last Friday’s close, after retesting the 7,700 levels during the
week.

Sentiment was mixed across counters, with the industrial counter (-1.56 percent) weighing down the index the most. The financial, services and property counters also slipped while the holding firms and mining/oil counters modestly gained.

Value turnover for the day hit P7.83 billion. There were 84 advancers, 100 decliners while 51 stocks were unchanged.

Foreign investors were net sellers in the market amounting to P380 million. Doris Dumlao-Abadilla