PSEi down on profit-taking

The local stock barometer tumbled back to the 7,600 level on Tuesday as investors pocketed gains from the run-up in the past five sessions.

The Philippine Stock Exchange index (PSEi) lost 101.32 points or 1.3 percent to close at 7,672 but foreign investors continued buying at lower prices.

Elsewhere in the region, trading sentiment was mixed.

All counters ended in the red, led by the interest rate-sensitive property sector, which slumped by 1.72 percent.

The Bangko Sentral ng Pilipinas expects the July inflation rate to come in at 5.1-5.8 percent compared to 5.2 percent in June.

The financial and holding firm counters also both slipped by more than 1 percent. The rest of the sub-indices declined at a more modest pace.

Despite the day’s decline, foreign buying continued in the market, posting P255.59 million in net inflows for the day.

Value turnover for the day amounted to P7.05 billion.

There were 130 decliners that overwhelmed 63 advancers while 52 stocks were unchanged.

Investors dumped shares of URC, which slid by 5.88 percent after announcing a 23-percent drop in six-month profit amid a challenging coffee business.

Ayala Land, the day’s most actively traded stock, fell by 3.2 percent, while conglomerate GT Capital declined by 2.41 percent.

BDO, Ayala Corp., SM Investments, BPI, PLDT and AGI all lost more than 1 percent.

SM Prime, Metrobank, Meralco, JG Summit and AEV also faltered.

On the other hand, Jollibee and Globe bucked the day’s downturn, both gaining by over 1 percent.

Metro Pacific, DMCI and ICTSI also eked out modest gains.