PSEi cautious ahead of Yellen speech

THE LOCAL stock barometer slipped on Thursday as investors remained cautious over the upcoming speech of US Federal Reserve chair Janet Yellen.

The Philippine Stock Exchange index lost 11.59 points or 0.15 percent to close at 7,854.54.

Across the region, trading was mostly cautious ahead of Yellen’s speech at a central bankers’ meeting in Jackson Hole, Wyoming on Friday. Investors await clues on the timeframe for the next US interest rate hike, which in turn could affect fund flows to and from emerging markets.

At the local market, the day’s decline was led by the financial, property, holding firm and mining/oil counters. On the other hand, the services counter gained 1.32 percent while the industrial counter was modestly up.

Value turnover for the day amounted to P7.46 billion.

There were 98 advancers that narrowly beat 97 decliners while 44 stocks were unchanged.

ALI, BDO and Metrobank fell by over 1 percent while BPI, SMIC, MPI and AC also declined.

PLDT gained 1.67 percent while Megaworld, SM Prime, ICTSI, AEV and Jollibee also firmed up. Bloomberry stabilized (+0.56 percent) after the previous day’s selldown when it was announced that it would no longer be part of the PSEi by Sept. 12.

Security Bank, which will replace Bloomberry in the PSEi, ended 0.55 percent higher.

Notable gainers outside the PSEi were LR (+49.86 percent) and Vitarich (+3.59 percent). Philweb also gained 50 percent after Pres. Duterte said he would allow online gaming on condition that correct taxes would be paid while appropriate distance would be maintained from schools and churches.