PH shares slip, buck regional trend

The local stock barometer continued to shy away from the 8,000 mark, trading in a narrow range on Thursday while most markets in the region were perked up by easing global trade tensions.

The main-share Philippine Stock Exchange index (PSEi) slipped by 23.47 points or 0.3 percent to close at 7,944.43 on modest net foreign selling alongside lack of fresh catalysts.

Elsewhere in the region, stock markets mostly firmed up as both the United States and China moved to scale back their trade war.

At the local market, the PSEi was dragged down by the financial, industrial, services and property counters.

On the other hand, the holding firm and mining/oil counters gained.

Value turnover was thin at P6.73 billion.  There was P131.26 million worth of net foreign selling for the day.

There were 96 decliners that edged out 93 advancers, while 50 stocks were unchanged.

The PSEi was dragged down by ICTSI, which gave up 2.22 percent, while Jollibee, SM Investments and Ayala Land all lost over 1 percent.

Metrobank, SM Prime, BDO, Bloomberry and RRHI also slipped.

Outside the PSEi, notable decliners included MacroAsia, which tumbled by 1.04 percent.  PXP shed 0.32 percent after the previous day’s 11-percent gain on optimism over the joint oil exploration in an area disputed by the Philippines and China.

On the other hand, Aboitiz Power gained 2.51 percent, while Megaworld, Semirara and JG Summit all added over 1 percent.

Metro Pacific added 0.98 percent.

There was a report about ongoing discussions with the likes of Temasek, KKR and CVC for a potential deal to buy into its hospital unit.

BPI and Ayala Corp. also firmed up.