PSEi slips but stays above 7,000

The local stock barometer paused after a seven-day run-up on Wednesday, dragged down by a discounted block trade on BDO Unibank, but it stayed afloat the 7,000 mark.

The main-share Philippine Stock Exchange index (PSEi) slipped by 11.22 points or 0.16 percent to close at 7,024.26.

A special block sale of P11.5 billion on BDO—which was priced below market levels at P87.50 per share—weighed down shares of the country’s largest bank and its parent conglomerate, SM Investments.

Local stock brokerage Papa Securities said the stage had been set for a bit of a profit-taking sentiment due to the respite in US markets overnight, along with news of a placement in heavyweight BDO

BDO, the day’s most actively traded company, fell by 1.26 percent to close at P94.30 per share, while SM Investments lost 4.64 percent to close at P1,049 per share.

The market was weighed down most by the holding firm counter, which tumbled by 1.63 percent.

The services counter also slipped by 0.13 percent.

The financial, industrial and mining/oil counters all rose by over 1 percent, while the property counter inched up by 0.6 percent.

Value turnover for the day amounted to P27.77 billion, buoyed by the stock sale on BDO.

There were 139 advan­cers that edged out 70 decli­ners, while 49 stocks were unchanged.

Value turnover stood at P27.77 billion. Domestic investors pared their holdings while foreign investors were net buyers to the tune of P1.99 billion.

—DORIS DUMLAO-ABADILLA