PSEi slips in slow trade

The local stock barometer slipped on Monday in lethargic trade ahead of the long Lenten weekend.

The main-share Philippine Stock Exchange index (PSEi) lost 7.41 points or 0.11 percent to close at 6,589.55.

The decline was led by the industrial, holding firm and services counters while the financial, mining/oil and property counters eked out modest gains.

Value turnover was relatively thin at P5.58 billion as many market players were in a holiday mode.

“I wouldn’t worry about (Monday’s) decline in the PSEi. It usually happens during holy week,” said fund manager Gus Cosio, president of First Metro Asset Management Inc. “If you have cash, buy your favorite stocks.”

The local markets will be open until Wednesday as the nation pauses for the holy week.

Despite the main index decline, cash-awash investors scouted for opportunities beyond the blue chips. As such, there were 86 advancers that beat 80 decliners while 52 stocks were unchanged.

Investors pocketed gains from URC and SM Prime, which both fell more than 1 percent, while Metrobank, DMCI, AP, BPI, Semirara and Globe also contributed to the decline.  Doris C. Dumlao