PH mirrors movements in Asian markets; index slips to 7,202
The local stock barometer slipped in line with mostly sluggish regional markets on Tuesday, but held fort close to 7,200.
The main-share Philippine Stock Exchange index (PSEi) shed 22.5 points or 0.31 percent to close at 7,202.39.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said Philippine shares had fallen amid volatile trading on Wall Street. This was as the United Kingdom reimposed lockdown measures due to the spreading of a mutated COVID-19 strain, overshadowing the deal reached for a new US fiscal aid, Limlingan noted.
The US Congress looks likely to pass a substantial COVID-relief package, he added.
The mining/oil sub-index was the most battered for the day, losing 2.44 percent. The financial, industrial and services counters all declined by over 1 percent, while the holding firm counter also dipped.
On the other hand, the property counter added 0.62 percent.
Value turnover for the day amounted to P10.09 billion. There was net foreign selling of P743 million for the day.
There were 203 decliners which overwhelmed 39 advancers, while 33 stocks were unchanged.
Investors sold down shares of Security Bank and Metro Pacific, which both slid by nearly 4 percent.
GT Capital lost 2.54 percent, while BDO, PLDT and URC all declined by over 1 percent.
Ayala Land, BPI and RLC all slipped by less than 1 percent.
Outside the PSEi, notable decliners included Cirtek, which lost 6.94 percent. —Doris Abadilla INQ
