PSEi slides as external developments dampen market mood

The local stock barometer slipped below the 5,900 mark on Thursday in line with the downturn across US and regional markets.

The main-share Philippine Stock Exchange index (PSEi) shed 46.92 points or 0.8 percent to close at 5,845.80 in thin trade.

Local stock brokerage Papa Securities said the PSEi might finish the week on a quiet note or it might revisit the 5,700 area as the doldrums in the US markets soured investors’ mood across the region.

Papa Securities noted that recent statements by Finance Secretary Carlos Dominguez III about Philippine offshore gaming operators canceling lease contracts could also dampen sentiment on the property sector.

The market was weighed down most by the mining/oil and property counters, which fell by 2.2 percent and 1.69 percent, respectively.

The financial and property counters both declined by less than 1 percent.

The industrial and services counters slightly gained.

Value turnover was meager at P4 billion. There was P292.83 million net foreign selling for the day.

There were 120 decliners that outnumbered 76 advancers, while 31 stocks were unchanged.

JG Summit tumbled by 3.74 percent, while SM Prime, Megaworld, Ayala Corp. and Security Bank all lost over 2 percent.

PLDT, SM Investments and BDO all declined by over 1 percent, while Jollibee also dipped.

Notable decliners outside the PSEi included Manila Water, which fell by 2.21 percent. MerryMart and Dito both declined by less than 1 percent.