Main stock price index falls below 8,200

The local stock barometer slipped below the 8,200 mark yesterday on further profit-taking after its recent rise to new highs.

The main-share Philippine Stock Exchange index (PSEi) shed 74.59 points or 0.91 percent to close at 8,190.14, declining for the third session in a row.

The main index recently probed new highs. On Sept. 18, it closed at an all-time high of 8,294.14.

The PSEi was led lower by mining/oil, which fell by 2.4 percent, while the industrial and property counters declined by more than 1 percent. The financial and holding firm counters also declined. Only the services counter rose at a very modest pace.

Value turnover for the day amounted to P9.61 billion. Net foreign selling reached 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 would 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 more than 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 No. 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. Gokongwei family-led retailer Robinsons Retail Holdings Inc. is set to debut on the PSEi effective Sept. 28, replacing EDC.

For its part, RRHI, is the fifth stock from the services sector that will be part of the PSEi. Listed in November 2013, RRHI is currently valued by the stock market at close to P132 billion.

The 30 companies in the PSE represent the cream of the crop among the publicly listed companies. They are the most traded, most liquid and well-capitalized listed firms in the PSE.