PSEi falls below 6,800

The local stock barometer slipped below the 6,800-mark on Monday as investors locked in gains ahead of this week’s release of the country’s first-quarter gross domestic product (GDP) results.

The main-share Philippine Stock Exchange index (PSEi) shed 20.91 points or 0.31 percent to close at 6,790.42.

Value turnover for the day amounted to P7.22 billion. There were 69 advancers that were edged out by 97 decliners while 51 stocks closed unchanged.

Leading the day’s PSEi decliners were Metrobank, Semirara, Ayala Corp., BDO and LT Group, which all lost more than 1 percent while Universal Robina Corp., PLDT, Metro Pacific Investments Corp. also declined.

On the other hand, ICTSI, Jollibee and Alliance Global Group Inc. posted modest gains.

As investors scouted for buying opportunities outside of the PSEi, Double Dragon (+1.52 percent), Emperador (+2.5 percent) and CNPF (+4.32 percent) bucked the day’s downturn.

The local stock market is widely expected to consolidate this week as the market awaits fresh catalysts such as the actual Philippine GDP results for the three months that will be released later this the week. Doris C. Dumlao