Local stocks track regional downturn

The local stock barometer returned to the doldrums on Wednesday, tracking a regional slump partly caused by a rout in commodities.

The main-share Philippine Stock Exchange index (PSEi) shed 15.38 points or 0.19 percent to close at 8,129.62.

The local stock market initially bucked the regional downturn in early Wednesday trade but later on gave up early gains as commodity markets weakened. Some investors also pocketed gains ahead of the US jobs data due later in the week.

The decline was led by the property counter, which fell by 1.06 percent, while the holding firm and mining/oil counters also weakened.

On the other hand, the services counter gained 1.02 percent, while the financial and industrial counters also firmed up.

Value turnover for the day stood at P6.62 billion. There were 95 decliners that edged out 90 advancers while 59 stocks were unchanged.

The PSEi was weighed down most by SM Prime, DMCI, Metro Pacific and Globe Telecom, which all tumbled by more than 2 percent.

BDO Unibank, SM Investments, GT Capital, Semirara, Jollibee, BPI and JG Summit also slipped.

On the other hand, PLDT and Metrobank rose by more than 2 percent while Ayala Corp., Meralco and Security Bank gained over 1 percent.

Ayala Land and Megaworld also firmed up.

Outside the PSEi, one notable gainer was Cemex, which rose by 2.71 percent.