PSE index dips but stays at just above 6,800 as investors pocket gains

MANILA, Philippines—Local stocks slipped on Thursday but stayed above the 6,800-mark as some investors pocketed gains after a three-day run-up.

The main-share Philippine Stock Exchange index gave up 4.05 points or 0.06 percent to close at 6,800.11. Across the region, trading was likewise mostly sluggish due to profit-taking.

At the local market, after loading up stocks ahead of the second quarter corporate reporting season and in the aftermath of President Aquino’s third State-of-the-Nation address, investors remained cautious near the 6,800 levels.

The holding firm, services, mining/oil and property counters ended lower while the financial and industrial counters managed to post modest gains.

Value turnover amounted to P7.58 billion. There were 85 advancers versus 75 decliners while 40 stocks were unchanged.

The day’s index laggers were Ayala Corp. (-4.22 percent) and SMC (-2.3 percent).

Semirara, RLC, URC, SM Prime, ALI, SMIC, PLDT and BDO also contributed to the day’s decline.

On the other hand, the PSEi’s decline was tempered by the gains eked out by Belle, Jollibee, Meralco, JG Summit, MPI, BPI, Petron, Bloomberry, Philex and Globe.

Local stock brokerage DA Market Securities said the PSEi’s next resistance would be at 6,863, which would represent a 20-percent rise from the 5,678 bottom.

“As the market seeks stability, it looks to be forming a base at the lower end of the 6,250-6,600 range,” DA Market said.

The brokerage said 6,053 remained a major support at both the one-year and five-year charts.