PSEi slips back below 8,300 as it tracks Wall Street

THE Philippine Stock Exchange index (PSEi) yesterday slipped back below the 8,300 line, partly taking cue from Wall Street’s own weakness amid broad selling of US stocks.

The PSEi fell by 35.43 points or 0.42% to end 8,267.92 — the benchmark index’s lowest point in more than three weeks, or since the 8,256.28 finish on Oct. 2 — while the all-shares index gave up 19.11 or 0.39% to finish 4,845.45.

Four of the six sectoral indices ended in negative territory — all were losing as of noon — while foreigners remained net sellers for a third straight day.

“The market is going through medium-term softness trying to reach its support level,” Summit Securities, Inc. President Harry G. Liu said in a telephone interview, while Regina Capital Development Corp. Managing Director Luis A. Limlingan said local markets tracked Wall Street, which on Wednesday saw its worst performance in weeks “amid disappointing earnings results.”

Some other Asian bourses also weakened, with Hong Kong’s Hang Seng Index, South Korea’s KOSPI, the Jakarta Composite Index, and the MSCI AC Asia Pacific down 0.29%, 0.48%, 0.10% and 0.01%, respectively.

On the other hand, Japan’s Nikkei 225 and TOPIX Index, the Shanghai Composite Index and the Straits Times Index rose by 0.15%, 0.14%, 0.33% and 0.32%, respectively.

Back home, the four sectoral indices that finished weaker on Thursday were holding firms that fell by 70.24 points or 0.82% to 8,465.4, property which gave up 32 points or 0.82% to 3,872.06, services which dropped 10.15 points or 0.6% to 1,682.47 as well as mining and oil that slipped by 4.91 points or 0.03% to 13,150.04.

The two sub- indices that gained were financials which increased by 5.3 points or 0.26% to close 2,000.95 and industrials which went up by 17.88 points or 0.16% to finish at 10,877.71.

Thursday’s list of the 20 most actively traded stocks showed those that declined were led by Bloomberry Resorts Corp.; Metro Pacific Investments Corp.; SM Investments Corp.; PLDT, Inc. and Ayala Land, Inc. that gave up 4.67% to close P9.38 apiece, 3.63% to P6.64, 1.35% to P947, 1.28% to P1,698 and by 1.15% to P42.80, respectively.

Shares that gained were led by Global Ferronickel Holdings, Inc.; Universal Robina Corp. and Manila Electric Co. that increased by 2.27% to close P2.70 apiece, 1.43% to P142, and by 1.06% to P285.40 each, respectively.

Stocks that declined again trumped those that advanced 102 to 77, while 58 others were unchanged.

Trading thinned to 992.58 million shares worth P4.72 billion from Wednesday’s 1.23 billion stocks worth P5.91 billion.

Foreign net selling grew by nearly a fifth to P817.63 million from Wednesday’s P684.77 million. — with