Stocks mirror regional decline

The benchmark Philippine Stock Exchange index  (PSEi) on Wednesday moved lower with the rest of the region following the selloff in Wall Street overnight as optimism dimmed over upcoming trade talks between the United States and China.

The PSEi sank 0.97 percent, or 75.47 points, to 7,681.25 while the broader All-Shares index was down 0.69 percent or 32.4 points to 4,655.99.

The decline came as tensions between the United States and China worsened after the United States blacklisted more Chinese companies for their alleged involvement in abuses of ethnic Uighurs and Muslim minorities in Xinjiang province.

All subsectors were down on Wednesday, led by a 1.31-percent drop by holding firms, followed by services, down 0.96 percent, and mining and oil, down 0.92 percent.

The drop, however, came on thin volume. Data from the PSE showed a total of 321.8 million shares valued at P4.79 billion changing hands.

There were 114 losers against 60 gainers while 58 companies closed unchanged.

Metrobank was the most actively traded on Wednesday as it lost 1.93 percent to P1.30 a share.

It was followed by SM Prime Holdings, down 1.7 percent to P37.55; International Container Terminal Services, down 2.52 percent to P116; Ayala Corp., down 0.23 percent to P863, and Bank of the Philippine Islands, down 0.76 percent to P91.50 a share.

Other actively traded stocks were SM Investments Corp., down 1.94 percent to P987.50; Security Bank Corp., down 1.85 percent to P191; Alliance Global Group Inc., up 2.83 percent to P10.90; Jollibee Foods Corp., up 1.33 percent to P229, and Axelum Resources Corp., down 3.4 percent to P4.54 a share.