PSEi nears 7,500 support level

The local stock barometer returned to the doldrums Friday, returning to the 7,500 level, as investors immediately pocketed gains from the previous day’s bounce.

Underperforming regional markets, the Philippine Stock Exchange index (PSEi) gave up 154.66 points or 2 percent to close at 7,553.76.

The index is thus nearing a key support level at 7,500.

Elsewhere in the region, stock markets were mostly higher as a string of new US data reduced expectations of the US Federal Reserve raising interest rates at next week’s meeting.

At the local market, the holding firms and property counters were the most battered, both sliding by more than 2 percent.

Total value turnover amounted to P13.8 billion. There were 78 advancers that were edged out by 102 decliners while 47 stocks were unchanged.

Metro Pacific Investments Corp. slumped by 4.69 percent while SM Investments Corp., GT Capital and Aboitiz Equity Ventures all declined by more than 3 percent.

Ayala Land, SM Prime, Emperador and ICTSI all fell by more than 2 percent while PLDT, Globe, Metrobank, BDO and BPI all dropped by 1 percent.

URC, Ayala Corp., JG Summit and EDC also slipped.

Meanwhile, Petron bucked the day’s decline with its 2.93-percent gain. Security Bank also firmed up slightly.

Outside of the PSEi, one notable gainer was D&L, which rose by 6.31 percent.

For the volatile week, the PSEi ended lower by 28.03 points or 0.37 percent. Doris Dumlao-Abadilla