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PSEi falls by 0.27%, but remains at 7,900 level

/ 05:02 AM October 24, 2019

The local stock barometer was back in the doldrums on Wednesday but managed to stay afloat the 7,900 mark although in scant trading volume.

The main-share Philippine Stock Exchange index (PSEi) fell by 21.48 points or 0.27 percent to close at 7,933.76. Elsewhere in the region, trading sentiment was mostly sluggish.

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Dealers said investors were staying on the sidelines ahead of the next MSCI rebalancing in November. Others are awaiting local corporate earnings reports for the third quarter.

The market was dragged down by the financial, industrial, holding firm and services counters.

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On the other hand, the mining/oil and property counters slightly firmed up.

Value turnover was low at P4.67 billion but there was some P1.14 billion worth of net foreign buying.

There were 91 decliners that outnumbered 82 advancers, while 61 stocks were unchanged.

The PSEi was dragged down by Metro Pacific, which lost 1.8 percent, while BDO shed 1.08 percent.

BPI, ICTSI, Ayala Corp., Metrobank, Megaworld, Jollibee, PLDT and Security Bank all dipped.

One notable decliner was Suntrust, which fell by 1.09 percent in heavy volume. It was the day’s most actively traded company, with P743.26 million worth of stocks that changed hands.

Dealers said there was a last-minute cross transaction on Suntrust by Aurora Securities. “It could be a backdoor-listing,” one trader said.

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On the other hand, Globe Telecom and Semirara added 1.27 percent and 1.73 percent, respectively.

Ayala Land, SM Prime and JG Summit also gained slightly.

One notable gainer outside the PSEi was AC Energy, which advanced by 2.91 percent.

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TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
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