Local stocks ended a five-day winning streak Tuesday as investors awaited fresh catalysts to boost the local barometer past the 6,200 barrier.
The main-share Philippine Stock Exchange index (PSEi) slipped by 43.87 points or 0.7 percent to close at 6,179.50, tracking mostly sluggish regional markets.
All counters ended in the red but the most battered were the industrial and property counters, which tumbled more than 1 percent.
Value turnover was thin at P5.2 billion. There were 48 advancers, which were overwhelmed by 89 decliners, while 47 stocks were unchanged.
The main index laggers for the day were Manila Water (-5.53 percent), Robinsons Land (-4.36 percent). First Gen (-3.09 percent) and SM Prime Holdings (-3.02 percent) while Energy Development Corp., ICTSI, Jollibee, Globe Telecom and SMC all lost more than 2 percent.
On the other hand, those that bucked the downturn were BPI and Aboitiz Equity Ventures, which gained over 1 percent each.
After bouncing from the 6,000 support, DA Market Securities said the PSEi was now attempting to breach the 6,200/6,300 resistance. Short-term traders might look to lighten on this rally, it said.
“With the PSEi testing previous lows of 5,678 and 5,562, it may attempt to form a higher low at 6,000 or could just be completing a technical rebound,” DA Market said.
“The market enters ideal buying window at 6,000 and below,” it said. Doris C. Dumlao