PH stocks pull back to 7,700

The local stock barometer slipped to the 7,700 level on Friday as fresh jitters over global growth dampened investors’ risk appetite.

The main-share Philippine Stock Exchange index (PSEi) shed 84.68 points or 1.07 percent to close at 7,797.11, tracking the bloodbath across regional and global markets.

For the week, the index went up by 155.34 points or 2 percent.

Local stock brokerage Papa Securities said all eyes were on the European Central Bank as it slashed its expansion estimates following the move of the Organization for Economic Cooperation and Development (OECD) to downgrade the growth outlook of nearly all member nations of the G20.

“The next highlight is likely to be the US jobs report which comes out (Saturday). This should shed more light on whether global growth really is slowing,” Papa Securities said.

The PSEi’s resistance level remained at 7,900, the brokerage said.

All sub-indices declined but the PSEi was weighed down most by the holding firm counter, which fell by 1.41 percent.

Value turnover for the day amounted to P5.3 billion.

There were 111 decliners that edged out 94 advancers while 94 stocks were unchanged.

The PSEi was weighed down most by Metrobank, BPI, SM Investments and Aboitiz Power, which all fell by over 2 percent.

JG Summit, San Miguel Corp. and SM Prime all fell by over 1 percent.

Ayala Land, Jollibee, Ayala Corp., GT Capital and BDO also slipped.

Notable decliners outside the PSEi included 8990 Holdings, which lost 0.83 percent at heavy volume.

On the other hand, Bloomberry and Megaworld firmed up, defying the index slowdown.

Other notable gainers outside the PSEi included PNB, which surged by 11.13 percent.

Wilcon and San Miguel Food and Beverage both advanced by over 1 percent.