PH shares sink below 7,400

The local stock barometer sank below 7,400 on Thursday as local regulatory uncertainties and the global novel coronavirus contagion continued to temper risk-taking.

The main-share Philippine Stock Exchange index (PSEi) lost 69.63 points or 0.93 percent to close at 7,392.68.

Manuel Lisbona, president of PNB Securities, said investors were pricing in the economic effect of the novel coronavirus contagion, especially for companies with operations in China.

Meanwhile, local regulatory jitters intensified as the government widened its probe of so-called onerous private-public sector contracts.

“Expect a reaction or correction back to previous support, which is now resistance at 7,500,” Lisbona said.

All counters ended in the red, led by the holding firm, services and mining/oil counters, which all lost over 1 percent.

Value turnover for the day amounted to P5.45 billion. There was P513 million worth of net foreign selling.

There were 123 decliners that overwhelmed 61 advancers, while 51 stocks were unchanged.

The decline was led by Metrobank, which fell by 4.22 percent, while GT Capital lost 3.83 percent.

URC shed 2.76 percent while SM Investments, Jollibee, Robinsons Land and Security Bank all fell by over 1 percent.

PLDT, Ayala Land and ICTSI all slipped.

Outside the PSEi, one notable decliner was ISM, which tumbled by 4.74 percent.

On the other hand, BPI gained 1.81 percent after reporting strong fourth quarter earnings results. Megaworld and Ayala Corp. both firmed up.

One notable gainer outside the PSEi was Manila Water, which surged by 13.64 percent on hopes for a reasonable new contract with the government.