Philippine Stock Exchange AFP FILE PHOTO
MANILA, Philippines —Trading at the local stock market was flat on Tuesday as investors moved to consolidate recent gains.
The main-share Philippine Stock Exchange index lost 0.53 points or 0.01 percent to close at 6,765.93.
Turnover was thin at P5.46 billion.
Despite the PSEi’s decline, investors scouted for buying opportunities among second- and third-liners. As such, there were 84 advancers against 78 decliners in the market.
Foreign investors also continued to place bets on local equities, with net foreign buying for the day amounting to P479 million.
However, the market was weighed down by large-cap stocks like SMIC (-1.2 percent) and SMPH (-0.84 percent) while BDO, Metrobank and AP also declined.
On the other hand, gains by Bloomberry (+3.07 percent) and Megaworld (+2.59 percent) tempered the PSEi’s decline while PLDT, ALI, AC and EDC likewise firmed up.
The most actively traded stock was stock debutante Century Pacific (CNPF), which bucked the sluggish market by rising 10.63 percent. It was the most actively traded stock on the market.
Other notable gainers among non-PSE stocks were Emperador (+3.85 percent) and Nickel Asia (+3.53 percent).
Emperador, which is in the thick of discussions on another major acquisition, disclosed its goal of doubling net profits in two to three years time.
Local stock brokerage DA Market Securities said it was expecting selling pressure to heighten as the index approaches the 6,830 resistance.
“Market consolidation may take place to pour on more volume into the range to reinforce it as a support for higher ranges,” it said. “We strongly feel that we are at the trading at the thick of a supported range (6,550 – 6,830) of a reversal in the longer trend of the PSEi. The correction from 6,830 (Apr 23) and rebound at 6,600 (Apr. 29) reinforces our idea that the correction we experienced was a bullish pullback to establish a stronger base of support rather than a retreat from the breakout.”
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