Close  

PH stocks slip to 8,500

/ 05:26 AM February 23, 2018

The local stock barometer slipped to the 8,500 mark on Thursday as investors continued to price in the impact of rising inflation and interest rates in the country.

ADVERTISEMENT

Tracking the overnight slump in Wall Street, the main-share Philippine Stock Exchange index (PSEi) shed 98.08 points or 1.14 percent to close at 8,515.57.

The index was dragged down most by the holding firm, mining/oil and property counters, which all fell by over 1 percent. The financial and industrial counters also slipped.

FEATURED STORIES

Only the services counter modestly gained.

Value turnover for the day amounted to P10.45 billion. Net foreign selling for the day amounted to P389.87 million.

There were 136 decliners that edged out 77 advancers while 49 stocks were unchanged.

Investors unloaded shares of conglomerates SM Investments and Metro Pacific, which both fell by over 3 percent, while Ayala Corp. slid by 2 percent.

Outside of PSEi stocks, there was heavy selling on PXP, which fell by 11 percent as investors who rode on a Philippine-China exploration play pocketed gains.

Meanwhile, Philweb Corp. gained 15.99 percent on news that the Philippine Amusement & Gaming Corp. had approved its request to deploy its Electronic Gaming System (EGS) to an additional 21 gaming sites nationwide which will require conversion from Instawin EGS to PhilWeb’s EGS.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: inflation and interest rates, Local Stock, Philippine Stock Exchange index (PSEi), Wall Street
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.