Foreign buying keeps PSEI above 8,000

The local stock barometer slipped but managed to stick to the 8,000 level on Tuesday, thanks to continued foreign inflows.

The main-share Philippine Stock Exchange index (PSEi) shed 51.62 points or 0.64 percent to close at 8,009.92.  Elsewhere in the region, stock markets mostly traded higher.

“Asian equities markets saw very little trading (Tuesday) including here at the PSE. Investors continue to worry about global growth and the Sino-US trade war,” said Christopher Mangun, head of research at local stock brokerage Eagle Equities Inc.

He noted that foreigners were still in a net buying position at P82.1 million, albeit noting that this was significantly lower than the average for the last 30 days.

On Tuesday, the market was weighed down most by the industrial subsector, which lost 1.24 percent.

The financial, holding firms, mining/oil and property counters also slipped, while the services counter slightly gained.

Total value turnover for the day amounted to P7.24 billion.

There were 124 decliners that outnumbered 86 advancers while 46 stocks were unchanged.

SM Investments, SM Prime, GT Capital and Metro Pacific all declined by over 1 percent.

Ayala Land and Jollibee also faltered.