PSEi tumbles to 7,500 level

The local stock barometer tumbled to the 7,500 level on Friday ahead of a long weekend break as foreign funds continued to trim their exposure to local equities.

The Philippine Stock Exchange index shed 85.28 points or 1.11 percent to close at 7,581.79 on a mix of valuation and political jitters alongside hedging ahead of the long weekend break.

The stock market will be closed on Monday, which was declared as a non-working holiday in observance of Eid’l Adha (Islamic Feast of Sacrifice).

For the week, the PSEi shed a total of 225.63 points or 2.9 percent.

The market was weighed down by P1.06 billion in net foreign selling.  There were 88 advancers which were edged out by 109 decliners while 45 stocks were unchanged.

Value turnover for the day amounted to nearly P10 billion.

The industrial, services and property counters were the most battered for the day, all sliding by over 1 percent. The holding firm counter was slightly down. On the other hand, the financial counter was unscathed, gaining 1.06 percent, while the mining/oil counter was modestly higher.

The market was weighed down most by Jollibee and PLDT, which respectively fell by 4.53 percent and 3.69 percent.

ALI, SM Prime, URC, Metrobank and Megaworld all fell by over 1 percent while AC, GT Capital and BPI slightly declined. Doris Dumlao-Abadilla