PSEi slips below 7,300

The local stock barometer slipped below the 7,300 mark on Friday as foreign investors trimmed their position in local equities.

The main-share Philippine Stock Exchange index lost 31.41 points or 0.43 percent to close at 7,269.62.

Foreign investors were net sellers to tune of P1.1 billion.

Elsewhere in the region, trading sentiment was mixed as investors weighed developments in the US, particularly on whether US president Donald Trump’s key reforms could hurdle Congress.

For the week, the PSEi lost a total of 1.03 percent, weighed down by a sell-off in Wall Street.

On Friday, the PSEi was led lower by the property counter which slipped by 1.47 percent while the financial and industrial counters also declined.

On the other hand, the holding firm, services and mining/oil counters firmed up.

Value turnover for the day amounted to P7.14 billion. Market breadth was neutral, worh 89 advancers versus 90 decliners while 51 stocks were unchanged.

The property counter was dragged by property giant Ayala Land, which fell by 2.95 percent while SM Prime also slipped by 1.06 percent.

URC and BDO also declined by over 2 percent while Metro Pacific, DMCI and Jollibee fell by over 1 percent.

BPI and Metrobank also slipped.

On the other hand, LTG gained over 3.35 percent, benefiting from the government’s crackdown against alleged tax evasion by its main rival in the cigarete business, Mighty Corp.

SM Investments and PLDT also rose by over 1 percent while ICTSI and Semirara also contributed gains.

Notable gainers outside the PSEi included Manila Water (+1.49 percent) and Melco Crown (+3.17 percent).