The PSEi declined by 34.05 points or 0.79% to 4,258.86 as the market fell for the fourth consecutive day.
Index losers outnumbered gainers 22 to 4, while 5 remained unchanged. The Mining & Oil sector (-3.46%) dropped sharply as LCB (-5.15%), LC (-4.14%), and PX (-3.85%) led all losers. The Mining sector was dragged by the drop in gold spot price to US$1,833/oz after reaching a record-high of US$1,921/oz last September 6. Other notable losers included the Tan-group as MEG (-3.23%), and AGI (-3.08%) rounded up the top 5 losers in the benchmark index. The only significant gainer was URC (1.65%).
Value turnover increased to Php4.25Bil from Php2.49Bil on Tuesday. Foreigners were net sellers for the fourth straight session as they liquidated Php284Mil worth of shares.
The Bureau of Treasury reported on Wednesday that the National Government debt reached Php4.81 trillion as of end June, up Php228Bil or 5% year-on-year and Php33Bil or 0.7% higher than the end May level. Of the total outstanding debt, domestic creditors account for 57% or Php2.76 Tril, while 43% or Php2.05 Tril is owed to foreign creditors. Foreign debt, which rose by Php11Bil from the previous month, was largely affected by the depreciation of the peso during the period. This accounted for Php9Bil of the increase. Meanwhile, domestic debt grew by Php22Bil month-on-month due to the net issuance of government securities.
via www.citiseconline.com
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