PSEi slips on Semirara mining accident, MSCI news

After breaking records a day earlier, stocks fell on Thursday as news of a mining accident and a lower Morgan Stanley Capital International (MSCI) rating for the Philippines spooked investors. PSEi shed 14.58 points or 0.22 percent to end the trading at 6,513.41, down from its 16th

record close of 6,527.99—the first close over 6,500. The broader all-shares index also dipped by 0.07 percent to 4,091.38. Over 2.79 billion shares were traded at P7.93 billion. Losers edged gainers 84 to 72, while 56 stocks were unchanged. Most indices were in the negative territory, led by mining and oil which plummeted by 1.64 percent. "Nag-decrease ng weight yung ibang stocks, particularly AGI [Alliance Global Inc.], following

MSCI's lower rate for the Philippines. This made investors sell shares," said Angping & Associates Securities research head Juan Rafael Supangco. In its February quarterly index review, MSCI trimmed the weight on the Philippines' emerging market country trade flows and turnover by 0.029 percentage points. Supangco also said, "There was a knee-jerk reaction on Semirara (SCC) stocks after the mining incident. This has the

second largest impact on the market today." Earlier Thursday, Semirara Mining Corporation reported that a large-scale commercial coal mine in Semirara, Caluya town in the province of Antique collapsed late Wednesday night, with three miners dead and seven more missing in the accident. After news of the accident broke, SCC shares fell 7.99 percent to close at P237.20 apiece on Thursday from P257.80 previously. — BM, GMA News

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