PSEi falls by 1.63%

The local stock barometer slid to the 7,000 level yesterday as investors braced for consumer price shocks that might be reflected in the upcoming inflation report for September.

The main-share Philippine Stock Exchange index (PSEi) lost 117.53 points, or 1.63 percent to close at 7,093.34 in thin trade, likewise in line with sluggish regional markets.

“The overall sentiment has remained the same since the start of the week with participants waiting for Friday’s inflation data release,” Papa Securities analyst Gio Perez said in a research note.

All counters ended in the red, led by the financial and property counters which lost 2.11 percent and 2.59 percent, respectively.

The holding firm counter slipped by 1.28 percent, while the industrial, services and mining/oil counter also declined.

Value turnover was thin at P4.3 billion.