PSEi slips back to 7,800; investors spooked by slow China growth

The local stock barometer slipped back to the 7,800 level on Friday as slower-than-expected economic growth in China spooked regional markets.

The main-share Philippine Stock Exchange index (PSEi) shed 45.32 points, or 0.57 percent, to close at 7,885.23, tracking mostly sluggish regional markets.

For the week, however, the PSEi gained 35.29 points, or 0.4 percent, as foreign funds started trickling back to the market.

China reported on Friday that its third quarter gross domestic product grew by 6 percent, the slowest pace seen in nearly three decades.

The PSEi was weighed down most by the industrial counter, which lost 1.34 percent.

The financial, holding firm, mining/oil and property counters also slipped.

On the other hand, the services counter modestly gained.

Total value turnover for the day amounted to P5.47 billion.

Despite the PSEi’s decline, market breadth was positive. There were 89 advancers that outnumbered 46 decliners, while 46 stocks were unchanged. Foreign investors turned from net buyers in the last two days to net sellers, resulting in an outflow of P244.46 million.

Meralco, BDO and Jollibee weighed down the PSEi. They all dropped by over 2 percent.

Ayala Corp., Metro Pacific and AGI all slipped by over 1 percent.
Security Bank, ICTSI, Ayala Land and SM Prime also fell.

Outside of the PSEi, notable decliners included D&L, which declined by 2.35 percent.

Meanwhile, Metrobank, DMCI and Puregold all advanced by 3 percent ahead of their third quarter financial reporting.