PSEi weakens ahead of Greek austerity referendum

The local stock barometer returned to the doldrums Friday ahead of a Greek austerity referendum and weak US jobs data.

The Philippine Stock Exchange index (PSEi) lost 43.01 points or 0.57 percent to close at 7,535.30, reversing a modest gain eked out early in the session.

Across the region, stock markets were mostly weaker as investors awaited whether the Greeks would accept more austerity measures after their government defaulted on its debt to the International Monetary Fund. Such reforms are seen crucial for Greece to obtain a fresh bailout package from the European Union.

Meanwhile, weaker-than-expected US jobs data last month had intensified the guessing game on when the US Federal Reserve would likely raise interest rates.

All counters ended in the red. Value turnover stood at P5.18 billion. There were 65 advancers, which were edged out by 83 decliners, while 57 stocks were unchanged.

The decline was led by property issuers Robinsons Land Corp. (-3.01 percent) and Ayala Land Inc. (-2.26 percent). SM Investments Corp., GT Capital, Aboitiz Power and ICTSI all declined by more than 1 percent.

Universal Robina Corp., Jollibee, BDO Unibank, Ayala Corp., Bloomberry and JG Summit also slipped.

Meanwhile, SM Prime Holdings bucked the day’s downturn, rising 2.06 percent. Banking stocks BPI and Metrobank also gained.

Outside of the PSEi, one notable gainer was food and plastic input manufacturer DNL, which rose by another 2 percent in heavy trade. Doris Dumlao-Abadilla