PSEi weakens below 7,900
The local stock barometer slipped below the 7,900 mark Wednesday as investors factored in the local index rebalancing while foreign investors pocketed recent gains.
The main-share Philippine Stock Exchange index (PSEi) lost 69.05 points or 0.87 percent to close at 7,866.13, tracking mostly sluggish regional markets ahead of a much-awaited speech from US Federal Reserve chair Janet Yellen.
Worst hit for the day among PSEi stocks was Bloomberry, which slid by 13.53 percent on news that it would be removed from the main stock barometer by Sept. 12. It will be replaced by Security Bank, which gained 2.44 percent. Doris Dumlao-Abadilla
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