Stocks continue to weaken

The local stock barometer slipped for a second straight session Wednesday, tracking sluggish regional markets.

The main-share Philippine Stock Exchange index lost 17.42 points or 0.26 percent to close at 6,748.51. Across the region, risk appetite was curbed by a string of concerns such as political developments in Ukraine, economic woes in China and the decline of Japanese stocks due to a rising yen.

At the local market, value turnover for the day amounted to P7.14 billion. Despite the PSEi decline, investors turned to the broader market, resulting in 95 advancers as against 87 decliners.

The PSEi was weighed down by AGI, SM Prime and Megaworld, which all slumped more than 1 percent, while BPI, Globe, GTCAP, BDO and AC also declined.

The day’s most actively traded stock was MWC (-2.22 percent), a non-PSEi stock. Manila Water Corp. is hounded by concerns over local water supply with the anticipated El Niño dry spell. Doris C. Dumlao