PSEi ends week up 1.2%, but still below 7,400 level

The local stock barometer closed the week below 7,400 on renewed jitters over the coronavirus contagion (COVID-19) across the region.

The main-share Philippine Stock Exchange index (PSEi) shed 43.22 points or 0.58 percent to close on Friday at 7,369.78, tracking sluggish regional markets.

Overnight, sentiment in Wall Street was gloomy as rising coronavirus infection outside China unnerved investors. Earlier hopes that the contagion would slow down were overshadowed by reports of new infections in China, Japan and South Korea. The China-epicentered contagion has now killed over 2,000 people and infected over 75,000.

The market was weighed down by about P627.63 million worth of net foreign selling.

For the week, the PSEi managed to post a gain of 87.78 points or 1.2 percent from last week’s finish of 7,282.00.

The market was weighed down most by the services counter, which fell by 1.69 percent.

Except for the holding firm sub-index, which slightly gained, all other counters slipped.

Value turnover for the day amounted to P5.2 billion.

There were 104 decliners that outnumbered 76 advancers, while 51 stocks were unchanged.

The PSEi was weighed down most by Megaworld, which lost 6.17 percent, while ICTSI slid by 5.9 percent.

AGI fell by 2.29 percent while BPI and RLC both declined by over 1 percent.

Ayala Land, SM Prime, BDO, Ayala Corp., URC, Globe Telecom and GT Capital all declined.

One notable decliner outside the PSEi was ISM, which tumbled by 7.69 percent.

In the meantime, Puregold gained 2.7 percent.

Jollibee, SM Investments, Metrobank and PLDT all slightly gained.