PSEi down 0.52% in sluggish trade

The local stock barometer was back in the doldrums on Thursday as investors across the region traded with caution while awaiting developments on the US-China trade talks.

The main-share Philippine Stock Exchange index (PSEi) shed 40.93 points, or 0.52 percent, to close at 7,854.13, in line with mostly sluggish regional markets.

In the meantime, local investors are awaiting the release of the March inflation data on Friday, as this could affect the conduct of monetary policy in the months ahead.

As market consensus expects a print of 3.5 percent for March, local stock brokerage Papa Securities said a figure way below this could perk up the index and see the market push for the next resistance at 8,200.

The PSEi was weighed down most by the financial counter, which lost 1.09 percent. The holding firm, service and property counters also slipped.

On the other hand, the industrial and mining/oil counters firmed up slightly.

Value turnover for the day amounted to P5.91 billion.

There were 109 decliners that edged out 87 advancers while 46 stocks were unchanged.

In terms of specific stocks, the PSEi was weighed down most by ICTSI which slid by 4.33 percent and BPI which lost 3.57 percent.

Ayala Corp. and Metro Pacific both fell by over 2 percent.

Ayala Land, BDO, GT Capital, Metrobank, AGI and Megaworld all slipped by less than 1 percent.

Outside of the PSEi, one notable decliner was Cemex Holdings, which slid by 10.62.

On the other hand, Bloomberry gained 3.11 percent while Security Bank and PLDT both added over 1 percent.

AEV, LTG, SM Prime and URC all firmed up by less than 1 percent.