PSEi falls below 8,000

PSE trading floor in BGC

The local stock barometer tumbled on Friday ahead of a long weekend break as US-China trade jitters escalated.

The main-share Philippine Stock Exchange index (PSEi) lost 76.5 points or 0.95 percent to close at 7,945.66.

The index was weighed down most by the financial, industrial and property counters which all fell by over 1 percent.

On the other hand, the services and mining/oil counters gained slightly.

Total value turnover for the day amounted to P7.58 billion. Foreign investors were mostly sellers resulting in net outflows of P482.69 million.

There were 130 decliners that overwhelmed 80 advancers while 40 stocks were unchanged.

The PSEi was weighed down most by URC, which fell by 4.67 percent ahead of earnings results report, while BDO declined by 3.03 percent.

JG Summit lost 2.43 percent while SM Prime, Ayala Land, AGI, Metrobank and Security Bank all fell by over 1 percent.

Jollibee, the day’s most actively traded stock, declined by 0.71 percent as investors digested the impact of an order from the Department of Labor and Employment to regularize casual employees.

GT Capital and ICTSI also slipped.

On the other hand, Ayala Corp. added 1.43 percent while SM Investments, PLDT and BPI also firmed up.

2GO, partly owned by the SM group, rose by 6.33 percent to close at P18.82 per share after announcing a merger with Negros Navigation.

Other notable gainers outside the PSEi included Bloomberry, which rebounded by 3.53 percent after an initial sell-off caused by weak fourth quarter earnings.

Manila Water and Eagle Cement rose by 1.11 percent and 0.13 percent, respectively, in relatively heavy volume.//30