Stock market closes 0.43% lower

The local stock barometer Tuesday slipped, tracking mostly sluggish regional markets.

The Philippine Stock Exchange index lost 31.76 points or 0.43 percent to close at 7,262.64.

The decline was led by the property and holding firms while the industrial, services and mining/oil counters firmed up.

Total value turnover for the day amounted to P6.59 billion.

There were 108 decliners and 93 advancers  while 42 stocks were unchanged.

Foreigners were net sellers to the tune of P326 million.  Following the market’s steep rise in January, investors are now pocketing recent gains.

The PSEi was weighed down most by conglomerates Ayala Corp. and SM Investments, which both fell by over 2 percent while Metrobank—the day’s most actively traded stock—tumbled by 1.98 percent.

SM Prime also slipped by 1.14 percent while MPI, AEV, BPI, Semirara and DMCI all declined.

On the other hand, GT Capital gained 3.85 percent  while Ayala Land, BDO, URC and Security Bank slightly firmed up.

Outside the PSEi, investors picked up shares of CPG (+5.65 percent) and ALCO (+3.57 percent).

The Antonio family sold a 10 percent stake in CPG to the Meridien group for “estate planning” purposes.