Main index slips in slow trade

The local stock barometer slipped for the fifth session in a row in thin trade on Tuesday as foreign funds continued to flow out of the market after the first-quarter local earnings reporting season.

The main-share Philippine Stock Exchange index (PSEi) slipped by 11.85 points or 0.16 percent to close at 7,646.20. Elsewhere in the region, trading was lackluster as global oil prices reached a four-year high.

The market was weighed down most by the mining/oil counter, which declined by 1.59 percent, while the financial, holding firm, services and property counters also slipped.

Only the industrial counter ended slightly higher.

Total value turnover for the day was light at P4.78 billion. There were 110 decliners that edged out 78 advancers while 45 stocks were unchanged.

Foreigners continued to trim their holdings, resulting in net foreign selling of P628.52 million for the day.

“Moving forward, should we still see some more downside due to flows soon, it might be tempered by the optimism that the US market is currently experiencing,” said Papa Securities analyst Gio Perez.

Overnight, the Dow Jones industrial average added 298.2 points or 1.21 percent.

At the local market, the PSEi was weighed down by Metro Pacific, which lost 2.06 percent, while SM Prime, BDO and Security Bank all slipped by more than 1 percent. Metrobank, SM Investments, LTG and BPI also slipped.

Outside of the PSEi, notable decliners included gaming firms Bloomberry and Melco.