Stocks still down on external worries

The local stock barometer dipped for the second straight session on Wednesday while regional markets were mixed ahead of the US Federal Reserve meeting.

The main-share Philippine Stock Exchange index (PSEi) shed 16.94 points or 0.21 percent to close at 7,915.29.

Papa Securities said the story of the PSEi might remain the same for the last few days of the week, with the index still struggling to beat the 8,000 mark amid various external issues such as the upcoming Fed meeting and Saudi tensions following the drone attacks on its refineries.

Overnight, Papa Securities noted that oil prices based on Brent and WTI fell more than 5 percent. But on the technical side, it said both were still trading above their recent breakout points. “Bias still points to more upward movement in the coming days,” it said.

The PSEi was weighed down most by the interest rate-sensitive property counter, which fell by 1.15 percent.

The industrial and services counters also declined.

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

Value turnover for the day amounted to P6.74 billion. There was P206.6 million worth of net foreign selling.

There were 107 decliners that edged out 90 advancers while 43 stocks were unchanged.

The main index was weighed down most by Jollibee, which lost 3.21 percent, while ICTSI declined by 2.48 percent.

Ayala Land, SM Prime, URC and Megaworld all lost more than 1 percent.

Ayala Corp., Metrobank, JG Summit, Security Bank, AGI and GT Capital all declined.

On the other hand, SM Investments bucked the day’s downturn, gaining 2 percent. It was the day’s most actively traded company.

BDO added 1.67 percent while BPI and Metro Pacific slightly gained.

One notable gainer outside the PSEi was Phinma Energy, which rose by 3.77 percent. To be renamed AC Energy Philippines, this company has unveiled a $2-billion investment program for renewable energy for the next six years.