MANILA, Philippines—Local stocks took a breather on Thursday as investors assessed recent gains after a strong four-day run-up.
The main-share Philippine Stock Exchange index (PSEi) slipped by 0.64 point, or 0.01 percent, to close at 6,587.08. Losses were wider in early trade but these were pared down as regional markets continued to rise following an overnight climb in US stocks to new highs.
Across the region, sentiment was supported by hopes for monetary stimulus in China alongside a favorable US jobs data for March.
At the local market, trading was weighed down by the decline in the financial, holding firms, services and mining/oil counters. On the other hand, the property counter bucked the day’s downturn, rising by 1.48 percent.
Value turnover for the day amounted to P8.97 billion, including some block trades on Ayala Corp., Victorias Milling Corp. and Metro Pacific Investments Corp. Despite the main index decline, market breadth was positive as there were 97 advancers that edged out 71 decliners while 47 stocks were unchanged.
Foreigners were still in a net buying position for the day amounting to P1.1 billion.
Among PSEi stocks, some of the biggest decliners were Metrobank (-2.31 percent), Semirara (-1.33 percent) and AGI (-1.36 percent). AC, BDO, URC, SMIC, Megaworld and Meralco also contributed to the slump.
SMPH (+2.24 percent) led the property counter higher alongside ALI (+1.77 percent). Petron Corp. and Jollibee likewise rose by over 1 percent while LTG and DMCI and BPI likewise firmed up.
Outside the main index, an outperformer for the day was VMC (+5.39 percent). It was reported Thursday that the group of businessman Manuel V. Pangilinan was interested in a block of shares in the country’s largest sugar firm held by the Metrobank group.—Doris C. Dumlao