PSEi slips 1.07% as foreign investors dump local equities

The local stock barometer slipped below the 8,200 mark on Friday, tracking mostly sluggish stock markets elsewhere in the region.

The main-share Philippine Stock Exchange index (PSEi) lost 88.19 points or 1.07 percent to close at 8,183.99, as foreign investors resumed dumping local equities.

Across regional markets, investors were mostly cautious ahead of next week’s Federal Reserve’s interest rate policy setting.

For the week, the index shed a total of 86.08 points or 1 percent.

On Friday, Jollibee bucked the day’s downturn, rising by 6.78 percent to P252 per share after a two-day sell-off following the announcement of a $350-million deal to acquire specialty coffee shop Coffee Bean & Tea Leaf (CBTL). Jollibee chair and founder Tony Tan Caktiong expects to turn around loss-making CBTL in 12 to 18 months.

The market was weighed down most by the mining/oil counter, which lost 2.08 percent.

The financial, services and property counters all declined by over 1 percent. The holding firm counter also declined.

Only the industrial counter ended higher, albeit by a modest 0.53 percent.

Value turnover amounted to P5.9 billion. Foreigners were net sellers, resulting in a net outflow of P278 million.

There were 91 advancers that edged out 90 decliners, while 58 stocks were unchanged.

The PSEi was dragged down mainly by JG Summit, which fell by 4.06 percent.

BDO, Ayala Land, ICTSI, PLDT and Meralco all lost more than 2 percent.

URC, BPI and Metro Pacific declined by more than 1 percent.

SM Prime, Metrobank, SM Investments, GT Capital and Globe Telecom all declined.

Other companies that posted gains aside from Jollibee were Ayala Corp., RLC and RRHI.

One notable gainer outside the PSEi was Wilcon, which added 0.25 percent.