PSEi slips but clings to 8,900
Traders blow their horns to celebrate the last day of trading for 2017 at the Philippine Stock Exchange in Makati City. —RICHARD A. REYES
The local stock barometer ended flat but stayed afloat the 8,900 level on Wednesday as some investors reassessed their portfolios after the recent run-up to record highs.
The main-share Philippine Stock Exchange index (PSEi) shed 3.43 points or 0.04 percent to close at 8,920.29.
While US stocks continued to rally overnight, the local market was “tired” after its successive winning sessions from the last days of December, said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.
“Index saw some pullback amid a lack of news flow in local front and as investors await the corporate results season which will be in full swing next month,” Limlingan said.
The PSEi was weighed down most by the property counter, which fell by 1.34 percent, while the holding firm counter shed 0.38 percent.
On the other hand, the mining/oil counter added 2.18 percent while the financial and services counters rose by over 1 percent. The industrial counter ended slightly higher.
Total value turnover for the day was relatively thin at P6.52 billion. Despite the PSEi’s pause, foreign investors were net buyers amounting to P626.45 million for the day.
Market breadth was neutral. There were 105 advancers versus 104 decliners while 53 stocks were unchanged.
The PSEi was weighed down by JG Summit, which fell by 2.35 percent, while Ayala Land, URC and SM Prime all fell by over 1 percent.
Metrobank, Ayala Corp., GT Capital, Jollibee, RLC and Puregold all slipped.
On the other hand, BPI and Semirara both gained over 3 percent while PLDT added 2.18 percent.
Meralco, San Miguel Corp. and ICTSI all gained over 1 percent.
BDO and Security Bank also eked out modest gains.
