Wall Street fall weakens PSEi

The bourse index ended the trading week down, slipping by 101.15 points, or 1.37 percent, to close at 7,310.32.

All sectors dropped, with Property being the biggest loser, declining by 2.20 percent, followed by Services and Mining down by 1.70 percent and 1.44 percent, respectively.

Century Pacific Food Inc. was the top index gainer, jumping 2.09 percent to P39.00 while Ayala Land Inc. was at the bottom, falling 3.15 percent to P35.35.

The negative spillovers from Wall Street weighed on the local market, according to Japhet Tantiangco, a senior research analyst at Philstocks Financial Inc.

Higher than expected

“This is as the US’ September inflation came in above expectations, tempering hopes of a fast-paced policy easing by the Federal Reserve,” he said in a Viber message

He added that peso remaining below the 57 per US dollar level also weakened the bourse.

The net market value turnover was P5.15 billion, with losers outweighing winners at 131 to 72, while 44 names remained unchanged.

BDO Unibank Inc. was the most actively traded stock at P1,451,558,075.00, down by 0.19 percent.

The peso closed at P57.205 to a dollar from 57.36 on Thursday.

It opened the day at 57.3 and traded between 57.5 and 57.36. The weighted average was 57.217.