PSEi bucks regional trend, closes lower

The benchmark Philippine Stock Exchange index (PSEi) yesterday slid, bucking a relatively positive close across the region, which took its cue from the progress of tax reform in the United States.

As North Korea tested another intercontinental ballistic missile, the benchmark PSEi slid 0.46 percent, or 37.85 points, to 8,254.03. The broader All-shares index was also down 0.17 percent, or 8 points, to 4,846.63.

PSE subindices were mixed.

Financials, services and mining and oil managed to close higher by 0.5 percent, 0.32 percent and 0.24 percent, respectively.

The industrial subsector was the biggest loser, with a decline of 0.97 percent; followed by property, down 0.95 percent; and holding firms, down 0.49 percent.

The decline on Wednesday came also amid relatively big volume, with 1.3 billion shares valued at P18.7 billion changing hands.

There were 104 decliners while 85 companies ended higher and another 51 closed unchanged.

Manila Electric Co. was the most actively traded on Wednesday, as it gained 0.64 percent to P315 per share.

It was followed Jollibee Foods Corp., down 3.33 percent to P243.60; Ayala Land Inc., down 2.73 percent to P42.80; BDO Unibank Inc., up 0.76 percent to P146; and SM Prime Holdings Inc., unchanged at P36.30 per share.