PSE index slips along with regionals

The local stock barometer slipped on Thursday, tracking mostly sluggish regional markets.

The main-share Philippine Stock Exchange index (PSEi) declined by 11.04 points or 0.14 percent to close at 7,804.03. Most regional bourses slipped after the latest US Federal Reserve minutes showed that the rate cut that markets were expecting by the end of the year may not necessarily materialize.

The PSEi was weighed down by the financial, industrial, holding firm and services counters.

On the other hand, mining/oil and property counter firmed up.

Value turnover for the day stood at P7.2 billion. Net foreign selling eased to P177.41 million for the day.

There were 110 decliners that edged out 87 advancers, while 53 stocks were unchanged.

The PSEi was weighed down most by Metrobank and LTG, which both tumbled by over 3 percent.

Globe Telecom lost 2.33 percent while Ayala Corp., Jollibee and Puregold all lost over 1 percent.

Megaworld also slightly declined.

One notable decliner outside the PSEi was Premiere Horizon, which slid by 5.68 percent.

On the other hand, Ayala Land and Semirara both gained over 1 percent.

PLDT, BPI, SM Investments, SM Primne and GT Capital all slightly gained.

Notable advancers outside the PSEi included ISM Communications, which surged by 9.93 percent as the Mislatel consortium of Davao-based businessman Dennis Uy bagged a telecom franchise.

Another notable non-PSEi gainer was Century Properties, which added 7.27 percent.