Stocks slip on mining sector jitters

The local stock index slipped from a 13-month high Wednesday as jitters over the mining/oil sector escalated with the appointment of an anti-mining advocate as the next environment czar.

The Philippine Stock Exchange index gave up 10.86 points or 0.14 percent to close at 7,756.37 while the regional market were mixed ahead of Thursday’s referendum in Great Britain on whether or not to leave the European Union.

The most battered counter for the day was mining/oil, which slipped by another 7.31 percent on news that environmentalist Gina Lopez—who is known for her hardline stance on mining—had accepted incoming President Rodrigo Duterte’s invitation to head the Department of Environment and Natural Resources.

The financial, holding firm, services and property counters also dipped. Only the industrial counter managed a modest gain.

Value turnover for the day hit P7.66 billion.  There were 86 advancers and 108 decliners, while 44 stocks were unchanged.

Investors continued to

dump mining stocks while loading up on energy stocks which were in renewable energy businesses.  It was mostly local investors who sold down stocks for the day as foreign investors were net buyers to the tune of P1.13 billion.

Semirara led the PSEi lower, sliding by 7.94 percent and succumbing to the bloodbath seen by industry peers.  Philex Mining, which is not part of the PSEi, lost another 10.86 percent in heavy volume.

MPI also tumbled by 4.49 percent while PLDT and SMIC both slipped by over 1 percent.