Local markets lose in midweek trading

The Philippine Stock Exchange index (PSEi) slipped for the second consecutive day and ended at trade at 7,864.70 points, down 1.86 percent or 148.72 points. (Pixabay)

MANILA — News concerning two major listed firms’ current woes hurt the Philippine Stock Exchange index (PSEi) Wednesday while the Philippine peso was not spared from investors’ risk-aversion either.

The Philippine Stock Exchange index (PSEi) slipped for the second consecutive day and ended at trade at 7,864.70 points, down 1.86 percent or 148.72 points.

“As both Ayala Corporation and SM Prime Holdings carry a significant weight on the PSEi, it was natural to witness a big drop today,” Luis Limlingan, Regina Capital Managing Director, said.

The contraction of the main gauge was followed by almost all the sectors, led by the Property, which fell 4.49 percent.

Holding Firms trailed with a drop of 1.80 percent as well as Industrial, 1.32 percent; Mining and Oil, 0.36 percent; and Services, 0.08 percent. Only the Financials ended on positive note after it ended with a 0.06 percent gain.

Volume reached 1.13 billion shares but amount surged to PHP20.15 billion.

Losers led gainers at 127 to 64 while 50 stocks were unchanged.

Relatively, the peso ended the day lower by PHP0.10 to 52.13 from its 52.03 finish a day ago.

It opened the day little changed to a greenback at 52.14 from 52.17 in the previous session. It traded between its closing level and 52.22, resulting to an average of 52.166.

Volume reached USD679.2 million, down from the USD1.06 billion in the previous day.