PSEi continues to weaken

Local stocks remained in the doldrums Tuesday even as regional markets had been perked up by an upswing in oil prices.

The main-share Philippine Stock Exchange index (PSEi) shed 44.87 points or 0.58 percent to close at 7,719.18.

Holding firms and property counters led the day’s decline, both slipping by more than 1 percent. The services and mining/oil counters also fell.

On the other hand, the financial and industrial counters modestly gained.

Value turnover for the day amounted to P7.69 billion. There were 75 advancers, which were outnumbered by 108 decliners, while 54 stocks were unchanged.

The PSEi was dragged down most by JG Summit, which lost 2.04 percent, while SM Prime, Metrobank, SM Investments Corp. and GT Capital all slipped by more than 1 percent.

Ayala Land, Ayala Corp., BDO, Megaworld and Aboitiz Equity Ventures also slipped.

On the other hand, URC gained 2.21 percent.

PLDT, Alliance Global, Jollibee and BPI were all slightly higher.

Outside of the PSEi, Security Bank was up 3 percent ahead of its debut into the PSEi next week while Medco jumped 22.55 percent on backdoor-listing rumors. Doris Dumlao-Abadilla