The local stock barometer slipped Tuesday as jitters over oil prices and the upcoming speech of the US Federal Reserve chief weighed down regional markets.
The Philippine Stock Exchange index (PSEi) shed 46.03 points or 0.58 percent to close at 7,935.18. Elsewhere in the region, risk-taking was curbed by the decline in oil prices. Investors were also cautious ahead of US Fed Chair Janet Yellen’s speech at an upcoming forum in Jackson Hole, Wyoming, on Friday.
At the local market, the decline was led by the industrial and services counters, which both slipped more than 1 percent, while the holding firms, mining/oil and property counters also declined. Only the financial counter was marginally up.
Value turnover was thin at P6.85 billion, still reflecting the cautious sentiment of the “ghost month.”
There were 72 advancers, which were edged out by 117 decliners, while 44 stocks were unchanged.
URC and PLDT were among the most battered, respectively declining by 3.56 percent and 2.44 percent. MPI, Globe Telecom and LTG were all down by more than 1 percent. Doris Dumlao-Abadilla