Market closes down 0.65%

The local stock barometer slipped ahead of a midweek break on Tuesday as investors focused on trading smaller-cap companies like newly listed Kepwealth Property Philippines Inc. (KPPI).

The main-share Philippine Stock Exchange index (PSEi) slipped by 51.44 points or 0.65 percent to close at 7,886.91 even as regional markets ended mostly higher as the Federal Reserve Bank of Boston chief said more interest rate cuts might not be needed given the strength of the US economy.

At the local market, KPPI continued to sizzle, gaining 49.94 percent even as the company denied speculation that it could be a backdoor listing vehicle for a local lodging chain.

“Currently, KPPI has no plans to be a backdoor-listing vehicle of Sogo Hotel. KPPI will focus on its core business as indicated in the prospectus,” it told the Philippine Stock Exchange on Tuesday, in reply to queries about the backdoor listing speculation.

It was the day’s most actively traded company. About P454 million worth of KPPI shares changed hands on the bourse that day, its second day as a publicly listed company.

The PSEi was weighed down most by Jollibee and PLDT, which slid by about 4 percent.

URC and BPI lost over 2 percent while Metro Pacific and BDO declined by over 1 percent.

SM Investments, ICTSI, JG Summit, RLC and Security Bank all declined.

On the other hand, index heavyweight SM Prime added 2.73 percent while Ayala Land added 0.2 percent.

Other notable non-PSEi gainers aside from KPPI were Phinma Energy and Filinvest Land, which surged by 6.18 percent and 2.99 percent, respectively.