PSEi sinks below 7,500 as investors dump local stocks

The local stock barometer sank below the 7,500 mark on Thursday as foreign fund managers continued to dump local equities.

The main-share Philippine Stock Exchange index (PSEi) lost 101.55 points, or 1.34 percent, to close at 7,475.16, sliding for the fifth straight session.

Foreign investors were net sellers, resulting in a further outflow of P1.85 billion for
the day.

Based on a Bloomberg report, a group of US-listed exchange-traded funds operated by BlackRock that invest in the Philippines and other Southeast Asian neighbors had been selling out of these markets.

In the aftermath of the midterm elections, which allowed President Duterte to consolidate power, some analysts have also cited concerns on the erosion of checks and balance in the case of the Philippines.

At the local market, all counters ended in the red, led by the financial, industrial and holding firm counters, which all slumped by over 1 percent.

Value turnover for the day amounted to P8.56 billion.

There were 116 decliners that edged out 78 advancers, while 45 stocks were unchanged.

Investors dumped shares of the country’s oldest conglomerate, Ayala Corp., which fell by 4.77 percent. It was the most actively traded company for the day.

International port operator International Container Terminal Services likewise slid by 4.95 percent.

JG Summit declined by 3.25 percent while Jollibee and BDO fell by 2.28 percent and 2.73 percent, respectively.

Megaworld lost 1.68 percent, while Ayala Land, SM Investments and PLDT all slipped.

Outside the PSEi, notable decliners included Phinma Energy (-7.45 percent). San Miguel Food and Beverage and Wilcon Depot likewise slipped in relatively heavy trade.

On the other hand, SM Prime Holdings bucked the day’s downturn, gaining 1.2 percent.

Bloomberry and AEV also marginally gained.