PSEi down on election fever

The local stock barometer dipped on Friday ahead of a long weekend break and the local midterm elections.

The main-share Philippine Stock Exchange index (PSEi) lost 13.42 points, or 0.17 percent, to close at 7,742.20. Elsewhere in the region, trading sentiment was mixed.

The local market was weighed down most by the mining/oil counter, which fell by 1.89 percent. The holding firm, services and property counters also declined.

On the other hand, the financial counter added 1.18 percent.

Value turnover for the day amounted to P7.55 billion. Foreigners were net sellers to the tune of P688 million.

There were 101 advancers that edged out 78 decliners, while 64 stocks were unchanged.

Among the notable PSEi decliners was SMC, which fell by 2.81 percent as the market weighed its $2.15-billion acquisition of the country’s leading cement-maker, Holcim Philippines.

On the contrary, the target company, Holcim Philippines (not part of the PSEi), surged by 6.1 percent to P15.30 each. It was the day’s most actively traded company as investors expect the deal to result in a tender offer of around P17 per share.

The PSEi was also weighed down by AEV, which fell by 5.08 percent, while PLDT shed 3.88 percent.

SM Investments, Bloomberry and Megaworld, all added over 1 percent, while SM Prime, URC, Globe Telecom and Metrobank slipped.

On the other hand, ICTSI, BDO and JG Summit all gained over 1 percent, while Ayala Corp., Ayala Land, GT Capital, AGI and Jollibee also firmed up.

Another non-PSEi cement-maker, Cemex, boosted shares by 11.34 percent, benefiting from the hefty valuation of Holcim. —DORIS DUMLAO-ABADILLA