PSEi retreats to 6,700 as investors take cover from risks

The local stock barometer tumbled to the 6,700 level on Friday, underperforming regional markets ahead of the long weekend break.

The main-share Philippine Stock Exchange index (PSEi) pulled back by 136.29 points or 1.97 percent to close at 6,791.46.

The local stock market is closed on Monday (Nov. 30) due to a non-working holiday in observance of Bonifacio Day.

Value turnover for the day amounted to P27.65 billion. The market was weighed down by about P3.17 billion in net foreign selling.

Local stock brokerage Papa Securities said the MSCI rebalancing couldn’t have come at a worse time. As the market was heading into the long weekend, the brokerage said this further added to the risk-off sentiments for the index.

Luis Gerardo Limlingan, managing director of Regina Capital Development, said local shares had fallen below the 6,800 mark as investors realigned with the latest MSCI rebalancing, which would take effect at the end of the month.

“The US stock market was also closed Thursday due to Thanksgiving, so most opted to profit take as well,” he said.

There were 129 advancers that edged out 75 decliners, while 50 stocks were unchanged.

Investors sold down shares of SM Investments and BPI, which fell by 5.68 percent and 5.37 percent, respectively.

URC, Aboitiz Power and AEV all declined by over 4 percent, while BDO and Globe Telecom both lost over 3 percent.

RLC, JG Summit and Metro Pacific all declined by over 2 percent.

SM Prime and Meralco both fell by over 1 percent.

Ayala Corp. slipped by 0.12 percent.

On the other hand, Metrobank gained 2.57 percent, while PLDT added 1.7 percent.

GT Capital added 0.35 percent.

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