PSEi slips on profit-taking

MANILA, Oct. 14 (PNA) — The local stock barometer tumbled below 7,000-level on Wednesday on thin volume and as investors locked in gains amid lingering China growth fears.

The Philippine Stock Exchange index (PSEi) declined 88.67 points or 1.26 percent to 6,924.77 from previous day’s 7,013.44 finish.

Brokerage firm said profit-taking prevailed as investors focused on catalysts to arrest China’s faltering growth.

It noted that China’s September inflation would be monitored and could drive sentiment across the region after posting dismal import data.

All counters were in the red, led by mining and oil that slumped 3.28 percent.

Volume turnover was thin at 1.2 billion shares valued Php5.21 billion.

Decliners outnumbered advancers, 112 to 64, while 45 issues unchanged. (PNA)