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Market retreats, closes down 0.6%

/ 05:34 AM October 06, 2017

The local stock barometer yesterday pulled back from record highs as investors locked up gains after the market’s recent bullish breakout while digesting higher-than-expected local inflation data.

The main-share Philippine Stock Exchange index (PSEi) shed 50.04 points or 0.6 percent to close at 8,294.01. Elsewhere in the region, investors’ sentiment was mixed.

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“Philippine markets flat-lined finally after consecutive days of breaking records. Some inflationary concerns were also raised as the September tally of 3.4 percent came above the 3.1-percent median estimates. This prompted further speculation of a rate [hike] by our BSP (Bangko Sentral ng Pilipinas) toward the end of the year,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

The PSEi had been posting record highs in recent days. On Oct. 4, the main index ended at an all-time high of 8,344.05 while a new intraday peak was set at 8,377.79.

In Wall Street, although the Dow Jones Industrial Average and S&P 500 stayed within positive territory overnight, Limlingan noted that internal readings of the broader market of stocks had already turned negative.

At the local market, the mining/oil counter was the day’s most battered subindex, falling by 2.19 percent. The industrial, holding firm and property counters likewise slipped.

On the other hand, the financial and services counters posted modest gains.

Value turnover for the day amounted to P6.76 billion. Foreign investors remained net sellers in the market, resulting in a modest outflow of P41.95 million for the day.

There were 106 decliners that edged out 90 advancers while 50 stocks were unchanged.

The PSEi was weighed down most by JG Summit, which slumped by 4.75 percent.

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Ayala Land and Puregold fell by over 1 percent each while SM Investments, BDO, Ayala Corp., Jollibee, SM Prime, Metrobank and Meralco also slipped.

GT Capital gained 2.15 percent while ICTSI, DMCI, MPI, SMC and PLDT also firmed up.

Outside the PSEi, one notable gainer was construction firm Megawide, which surged by 8.29 percent.

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TAGS: Inflation, Local Stock, Philippine Stock Exchange index (PSEi), Wall Street
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