outbrain
Close  

Stocks defy regional rally

/ 05:14 AM February 14, 2019

The local stock barometer fell below the 8,000 mark on Wednesday, bucking the upswing across regional markets.

The main-share Philippine Stock Exchange index (PSEi) fell by 89.68 points, or 1.12 percent, to close at 7,920.24, weakening for the fourth straight session. Elsewhere in the region, trading was mostly upbeat due to fresh optimism on the US-China trade talks.

ADVERTISEMENT

Local stockbrokerage Papa Securities said the market topped out at the 8,100 to 8,150 levels and was thus looking for a “healthy pullback” toward 7,800-7,850 in the near term.

“MSCI rebalancing is a likely catalyst for the correction,” the brokerage said, referring to the recent MSCI review that cut the weights of some of the local blue chips.

FEATURED STORIES

At the local market, the PSEi was weighed down most by the financial, holding firm, services and property counters, which all fell by more than 1 percent. The industrial counter also slipped. On the other hand, the mining/oil counter slightly firmed.

Value turnover for the day amounted to P7.27 billion. There were 134 decliners that edged out 75 advancers, while 50 stocks were unchanged. —DORIS DUMLAO-ABADILLA

Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.