Market slips 0.46%

The local stock barometer slipped below 7,200 yesterday as the country’s October inflation figure came in slightly higher than market consensus.

Giving up early gains, the main-share Philippine Stock Exchange index (PSEi) shed 33.33 points or 0.46 percent to close at 7,180.11.

Regional markets traded with mixed sentiment.

Foreigners remained net sellers in the market, resulting in P793.5 million net outflows during the day.

It was reported that the country’s October year-on-year inflation had remained at a nine-year high of 6.7 percent, the same as the September level. Most people were expecting an easing in October and consensus forecast was at 6.6 percent.

With consumer price pressures still elevated, investors are now looking at how monetary authorities will move.

The interest rate-sensitive property counter fell by 2.68 percent, while the financial, industrial and services counters also slipped.

The mining/oil counter rose 1.45 percent while holding firms were also up 0.78 percent.

Value turnover for the day amounted to P6.76 billion.

There were 103 decliners that edged out 82 advancers while 52 stocks were unchanged.

Ayala Land, the most actively traded company for the day, fell by 5 percent while SM Prime, the second most actively traded stock, fell by 1.93 percent.