PSEi slides 1.41% on Wall Street decline, worries over Turkey woes

The benchmark Philippine Stock Exchange index (PSEi) fell yesterday following the decline in Wall Street overnight and with the mixed sentiments across Asia on worries that Turkey’s currency crisis could spread to other emerging markets.

The PSEi lost 1.41 percent, or 107.49 points, to 7,527.78 by the closing bell amid relatively weak volume. The broader all-shares index was also down 1.16 percent.

Data from the PSE showed that a total of 1.34 billion shares valued at P5.3 billion changed hands on Tuesday. Losers outnumbered gainers 141 to 60 while 41 companies closed unchanged.

This was further reflected among sub-sectors, all of which ended in the red.

Property stocks were the biggest losers, with a collective drop yesterday of 1.92 percent. This was followed by mining and oil, down 1.79 percent, financials, down 1.68 percent, and holding firms, down 1.28 percent.

Property giant Ayala Land Inc. was the most actively traded yesterday as it lost 1.94 percent to P40.45 per share.

It was followed by SM Prime Holdings Inc., down 2.28 percent to P36.35, Ayala Corp., down 1.73 percent to P937, SM Investments Corp., down 0.75 percent to P926, and Globe Telecom, down 3.13 percent to P1,860 per share.

Other actively traded stocks were Puregold Price Club Inc., down 2.22 percent to P44, Bank of the Philippine Islands, down 3.25 percent to P92.40, ATN Holdings “A”, up 2.17 percent to P1.41, GT Capital Holdings, up 0.47 percent to P954.50, and Metropolitan Bank & Trust, down 2.89 percent to P73.80 per share.