PSEi drops back to 6,300-point territory

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The Philippine Stock Exchange index (PSEi) ended the week with a drop to 6,300 points as concerns over a possible United States Federal Reserve tapering continued to affect investor sentiment.

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“Fear of Fed tapering today [Friday] are again taking a risk off stance. More of the same ahead of Robinsons IPO [initial public offering],” Rafael Supangco of Angping and Associates Securities said through a text message on Friday.

He was referring to the Robinsons Retail Holdings Inc. IPO on Monday.

“Market will continue to be choppy [for the next few days],” he added.

The PSEi slashed 81.31 points, or 1.26 percent to 6,355.18, while broader all-shares index subtracted 41.09 points, or 1.05 percent to 3,876.90.

All the sectoral indices ended with losses as financials slumped by 1.91 percent, or 30.09 points to 1,544.28, while industrial decreased by 1.37 percent, or 127.88 points to 99,203.84.

Holding firms registered a 1.07-percent decline, or 61.92 points to 5,746.23, while services slid by 0.88 percent, or 17.40 points to 1,964.96.

Mining and oil fell by 1.64 percent, or 205.08 points to 12,332.71, and property plummeted by 0.89 percent, or 23.13 points to 2,567.45.

Only JG Summit Holdings and Ayala Land Inc. gained among the top 10 most actively traded shares.

Losers outnumbered gainers, 103 to 53, while unchanged issues stood at 37. Value turnover reached P7.9 billion.

On Thursday, the PSEi lost 40.81 points, or 0.63 percent to 6,436.49, while the wider all-shares index erased 15.26 points, or 0.39 percent to 3,917.99.

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