PSEi ends in red after 2-day rally

The local stock market gauge on Tuesday closed in red, dropping by 17.43 points, or 0.23 percent, to close at 7,537.25.

Most sectors declined, with Properties losing the biggest at 2.48 percent, followed by Miners and Industrials down by 0.72 percent and 0.19 percent, respectively.

Meanwhile, Services was in green, increasing by 0.86 percent, and Financials by 0.72 percent.

DigiPlus Interactive Corp. was the top index gainer, jumping by 3.79 percent to P21.90. Ayala Land, Inc., on the other hand, was the biggest loser, down by 4.84 percent to P36.40.

Regina Capital Development Corp. head of sales Luis Limlingan linked the local market slip to investors facing headwinds with rising oil prices and elevated Treasury yields.

“Investors are keeping a close eye on key economic data this week, with the Fed meeting minutes due on Wednesday and the CPI report scheduled for Thursday. US stocks faced challenges last night, as the benchmark 10-year Treasury yield exceeded 4 percent for the first time since August, reaching 4.02 percent,” he said.

The stock market analyst added oil prices last week increased amid concerns over potential Israeli strikes on Iran.

The net market value turnover was P5.869 billion. Advancers exceed Decliners at 109 to 97, while 24 names remain unchanged.

SM Prime Holdings, Inc. was the most actively traded stock at P754,538,765.00, down by 1.82 percent, followed by BDO Unibank, Inc. at 672,216,649.00, up by 1.00 percent.

The peso slightly depreciated at P56.905 to a dollar from 56.825 on Monday

It opened the day at 56.8 and traded between 56.72 and 56.98.

The weighted average was 56.847.