Market slips by 0.77%

THE LOCAL stock barometer yesterday slipped for the third straight session as the market digested third quarter local earnings results alongside prospects of a US interest rate hike this year.

The Philippine Stock Exchange index lost 54.99 points or 0.77 percent to close at 7,134.26.

For the week, the PSEi declined by a total of 102.12 points or 1.41 percent.

Across the region, stock markets were mostly lower on news that the US economy had grown at a slower pace of 1.5 percent year-on-year in the third quarter from 3.9 percent in the second quarter. Also, the market is still digesting clues from the US Federal Reserve that it may raise interest rates by the end of the year.

At the local market, the holding firm, services and mining/oil counters led the day’s decline.

Value turnover for the day hit P8.11 billion. There were 101 decliners and 62 decliners while 49 stocks were unchanged.

AEV fell by 3.45 percent. The conglomerate recently reported a

nine-month net profit of P11.9 billion, 19 percent lower year-on-year due to the decline in earnings from its power and banking businesses.

PLDT, GTCAP, MPIC, JG Summit and Megaworld all tumbled by more than 2 percent.

Globe slipped by over 1 percent while SM Prime, BDO, Jollibee, Metrobank and BPI also faltered.

Outside of PSEi stocks, DNL fell by 2.5 percent.

RLC, URC, ALI, SM and Meralco firmed up. RLC recently entered the property market in mainland China.

Non-PSEi stock Cebu Air gained by 3.24 percent on strong earnings prospects amid the slump in fuel prices.