PSEi hardly changed in slow trade

Local stocks ended flat Friday as a regional downturn and an overnight selloff in Wall Street prompted profit-taking among investors.

The main-share Philippine Stock Exchange index (PSEi) shed 2.46 points or 0.03 percent to close at 7,255.39. Across the region, most stock markets slipped on disappointing earnings from US blue-chip companies.

Overnight, the closely tracked Dow Jones Industrial index fell 113.75 points or 0.63 percent.

The day’s decline was led by the mining/oil counter, which slumped by 1.12 percent, while the industrial and property counters also slipped. On the other hand, the financial and holding firm counters firmed up.

Value turnover for the day amounted to P5.24 billion. There were 97 decliners, which edged out 84 advancers, while 51 stocks were unchanged.

The PSEi was led lower by Petron, PLDT, Jollibee and AGI which all fell by over 1 percent. ALI, BDO and RHI also slipped. Doris Dumlao-Abadilla