PSEi falls to 6,800 on disappointing FDI data

The local bourse was again painted red on Tuesday as anxious investors continued to absorb the drop in foreign direct investments (FDIs) to the country, causing the benchmark index to fall to the 6,800 level after more than two months.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) dropped by 1.87 percent, or 129.9 points, to 6,810.11.

Likewise, the broader All Shares Index slipped by 1.21 percent, or 46.68 points, to close at 3,820.34.

A total of 622.71 million shares worth P5.58 billion changed hands, stock exchange data showed.

The local stock barometer last touched the 6,800 level on Sept. 4 before shattering the 7,000 barrier and entering the bull market.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were still weighing the drop in FDIs, which fell by 14.5 percent in August to $813 million.

Traders shed property firms the most as the subsector fell by 2.32 percent, followed by services-focused companies, which slipped by 2.22 percent.

Zobel family-led developer Ayala Land Inc. was the most actively traded stock as it slipped by 3.32 percent to P30.55.

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It was followed by International Container Terminal Services Inc, down 2.51 percent to P380.20; BDO Unibank Inc., down 1.28 percent to P147.10; SM Prime Holdings Inc., down 2.87 percent to P27.10; and Bank of the Philippine Islands, down 2.10 percent to P135.10 each.

SM Investments Corp. was one of the rare gainers as it rose by 0.22 percent to P917 per share.

Other conglomerates declined, including Aboitiz Equity Ventures (down 1.02 percent to P33.85) and Ayala Corp. (down 3.94 percent to P658).