PSEi slips for 2nd straight session

The local stock barometer pulled back to the 7,000 level on Wednesday, in line with mostly sluggish regional markets.

The main-share Philippine Stock Exchange index (PSEi) shed 86.33 points or 1.21 percent to close at 7,047.85, slipping for the second straight session.

“Local shares succumbed to profit-taking as investors await the outcome of two electoral races in [the US state of] Georgia that will determine control of the Senate. Investors are also watching out for the new strain of virus that has developed in the [United Kingdom] and [Hong Kong]. One person, identified only as patient No. 9003, arrived in Hong Kong from the Philippines on flight PR300 on Dec. 22, which has made the market apprehensive,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

All counters ended in the red, led by the financial counter which tumbled by 2.3 percent.

The holding firm and services counters both declined by over 1 percent, while the industrial, mining/oil and property counters fell by less than 1 percent.

Value turnover for the day amounted to P11.91 billion. There was P685 million worth of net foreign selling for the day.

There were 146 decliners that overwhelmed 74 advancers, while 45 stocks were unchanged.

GT Capital plunged by 6 percent, while Metrobank tumbled by over 4 percent.

Ayala Corp. lost 3.17 percent, while BDO declined by 2.44 percent.

SM Prime, BPI and Globe all lost over 1 percent, while Jollibee and SM Investments declined by less than 1 percent.

Notable decliners outside the PSEi included Dito CME and AC Energy, which fell by 8.51 percent and 6.05 percent, respectively. They were the top two most traded companies during the session.

The third most actively traded company was MerryMart, which lost 2.44 percent.

MRC Allied likewise fell by 6.35 percent in relatively heavy volume.

On the other hand, Pure­gold and URC declined the day’s downturn, both rising by over 1 percent, while Ayala Land inched up by 0.12 percent.

Outside the PSEi, Apollo and PH Resorts both surged by over 7 percent. —DORIS DUMLAO-ABADILLA