PSEi slides below 6,400 on profit taking

The local bourse on Wednesday surrendered the 6,400 level as investors pocketed gains, while top gaming stock DigiPlus Interactive Corp. again suffered from a looming online gambling ban.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had tumbled by 1.89 percent, or 121.99 points, to close at 6,337.48.

Likewise, the broader All Shares Index shed 1.55 percent, or 59.02 points, to end at 3,748.25.

A total of 3.43 billion shares worth P20.71 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the index’s decline was due to profit-taking after last week’s recovery.

Philstocks Financial Inc. research head Japhet Tantiangco also noted that investors had digested the United States’ higher-than-expected inflation in June, as this would likely affect the Federal Reserve’s policy stance.

Former stock market darling DigiPlus suffered one of its worst single-day falls ever, diving by 20.4 percent to P27.90 each.

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It was the top-traded stock on Wednesday, followed by SM Prime Holdings Inc., down 3.69 percent to P23.50; International Container Terminal Services Inc., down 0.14 percent to P443; BDO Unibank Inc., down 1.85 percent to P148.60; and Bank of the Philippine Islands, down 2.76 percent to P119.70 each.

Others were Ayala Land Inc., down 2.04 percent to P26.35; SM Investments Corp., down 3.32 percent to P845; Ayala Corp., down 0.99 percent to P599; Metropolitan Bank and Trust Co., down 0.83 percent to P71.65; and Jollibee Foods Corp., down 2.49 percent to P219 per share.

Losers overpowered gainers, 122 to 67, while 59 companies closed flat, stock exchange data also showed.