PSEi tumbles on global bond woes

The local stock barometer pulled back sharply on Tuesday as a global bond sell-off soured investors’ risk appetite while the recent surge to record highs also prompted some profit-taking.

Tracking the correction across US and regional markets, the Philippine Stock Exchange index (PSEi) shed 148.14 points or 1.64 percent to close at 8,910.48.

All counters ended in the red. The industrial, holding firm, services, mining/oil and property counters all slumped by over 1 percent.

Value turnover for the day amounted to P10.05 billion. Foreign investors were net sellers amounting to P2.02 billion.

There were 151 decliners that overwhelmed 58 advancers while 55 stocks were unchanged.

Investors dumped shares of URC, which lost 4.05 percent, while SM Prime and Ayala Corp. both tumbled by over 3 percent.

SM Investments, Globe, Security Bank and Metro Pacific all slipped by over 2 percent.

On the other hand, ALI, PLDT, Megaworld and AGI all lost over 1 percent.

Shares of BDO and Jollibee also declined albeit at a modest pace.

Outside of PSEi stocks, there was likewise heavy profit-taking on Bloomberry, which shed 4.07 percent.

On the other hand, investors looked for buying opportunities outside the PSEi. Among the notable gainers were TBGI and Vista Land, which respectively surged by 48.15 percent and 9.52 percent.

The change in the par value of TBGI shares from P1 per share to 10 centavos per share was reflected in the PSE effective Tuesday. This is part of a capital restructuring approved by the Securities and Exchange Commission.