PSEi slips amid lackluster Asian trade
MANILA, Philippines—The local stock barometer slipped for the second session on Monday but held above the 6,000 level, tracking lackluster Asian markets amid weak China factory data and Lunar year holidays.
The main-share Philippine Stock Exchange index shed 25.89 points or 0.43 percent to close at 6,015.30.
Most counters were down but the most battered was the services sub-index (-1.04 percent). Only the property counter eked out a marginal gain.
Value turnover was thin at P5.63 billion while many Asian markets were on a holiday following the Lunar Year turnover. There were about twice as many decliners for every single gainer at the local market.
Investors sold down shares of PLDT, SM Prime and AP which all fell by over 1 percent while shares of BPI, URC, AGI, SMIC, MPI, BDO, Semirara, Metrobank, DMCI, Globe and AEV also contributed to the slump.
On the other hand, the stocks that bucked the day’s downtend were ALI (+1.91 percent), LTG (+3.26 percent) and Jollibee (+0.53 percent).
“Emerging market concerns and China’s possible credit crunch continues to worry markets,” local stock brokerage DA Market Securities said in a research note on Monday.
“While the Philippines remains a brighter story amid peers, the PSEi has followed weakness in the region,” it added.
The stock brokerage said the index was so far attempting to find support at 6,000.
If broken, it said this may lead to a retest of lower supports at 5,700 and 5,800.
“Note however, that bargain hunting may pick up anew ahead of corporate earnings,” it said.
If the barrier at 6,000 holds, DA Market sees a retest of resistance levels at 6,200 and 6,250, thereafter opening up to the pivotal 6,400-6,500 levels.
