PSEi slips on MSCI rebalancing

Philippine share prices closed lower Tuesday on the back  of rebalancing of stocks in the Morgan Stanley Capital International (MSCI) Philippines index.

The benchmark PSEi lost 51.62 points or 0.64 percent to 8,009.92 at the closing bell. The broader All Shares shed 34.07 points or 0.70 percent to 4,858.41.

“The market was able to sustain the 8,000 level but down due to the MSCI rebalancing, which decreases the weights of most of the major index member stocks,” Philstocks Financial Inc. research analyst Piper Chaucer Tan said.

MSCI Philippines is an index designed to measure the performance of large and midcap segments of the Philippine market.

It covers 23 constituents, which represents about 85 percent of the Philippine equities market.

Foreign funds bought P3.136 billion of shares and sold P2.875 billion for a net buying position of P260.338 million.

More than 2.739 billion shares valued at P7.237 billion, changed hands. Decliners led advancers, 124 to 86, and 46 issues were unchanged. —VDS, GMA News