The local stock barometer slipped below the 8,200 mark on Tuesday on further profit-taking after its recent ascent to new highs.
The main-share Philippine Stock Exchange index shed 74.59 points or 0.91 percent to close at 8,190.14, declining for the third session in a row.
The PSEi was led lower by mining/oil counter, which fell by 2.4 percent, while the industrial and property counters declined by over 1 percent. The financial and holding firm counters also declined.
Only the services counter rose, albeit at a very modest pace.
Value turnover for the day amounted to P9.61 billion. Net foreign selling amounted to P1.16 billion.
There were 138 decliners that edged out 63 advancers while 53 stocks were unchanged.
The PSEi was weighed down most by EDC – the day’s most actively traded stock – which fell by 20 percent on news that it will be removed from the local stock barometer due to the much-expected reduction in its public float following a tender offer made by a new investor group.
Megaworld also fell by over 3 percent while Ayala Land and Metrobank both declined by over 2 percent. Security Bank, BPI, PLDT, Metro Pacific and AGI all slipped by over 1 percent.
URC, SM Investments, SM Prime and DMCI also declined.
Outside of the PSEi, there was profit-taking on PXP, which fell by 22.4 percent, while Apex Mining slid by 12.83 percent.
Both stocks have been rising due to speculations on a resumption in the oil and gas exploration in Reed Bank under service contract 72, where these companies have interests in.
On the other hand, most of the notable gainers were non-PSEi stocks. RRHI surged by 5.04 percent after the PSE announced that it would replace EDC in the local stock barometer.
Bloomberry and MacroAsia rose by 4.65 percent and 7.91 percent, respectively.