PSEi tumbles on Brexit woes

AP file Photo/Aaron Favila

The local stock barometer tumbled below the 7,200 mark on Tuesday on escalating jitters over Brexit or Britain’s exit from the European Union and US president Donald Trump’s inauguration.

Slipping for the fifth session in a row, the Philippine Stock Exchange shed 115.12 points or 1.59 percent to close at 7,123.33.

Across the region, risk aversion was high as Brexit plans were shaping up and likewise ahead of Trump’s inauguration on Friday.

Investors are awaiting for British prime minister Theresa May outline priorities for separation from the EU.

At the local market, the decline was led by the property counter, which fell by 2.42 percent while the financial, industrial, industrial, holding firms, services and mining/oil counters all declined by over 1 percent.

Value turnover for the day amounted to P5.51 billion. There were 67 advancers which were overwhelmed by 130 decliners while 41 stocks were unchanged.

Foreign investors remained net sellers amounting to P312 million for the day.

The PSEi was led lower by Megaworld, which tumbled by 6.08 percent and was the most actively traded stock for the day.

Metrobank and SM Prime slid by over 3 percent while BPI, PLDT and URC all declined by over 2 percent.

Ayala Land, Meralco, Metro Pacific and Globe Telecom were all down by over 1 percent.

BDO and Semirara also slipped.

Outside of the PSEi, there was profit-taking on Arthaland which lost 3.85 percent. Nickel Asia also fell by 6.9 percent.

Among those that bucked the day’s downturn were Ayala Corp., GT Capital and EDC which all modestly gained.

Integrated gaming operator Bloomberry surged by 1.7 percent.