Stocks end lower | Inquirer Business

Stocks end lower

12:40 AM May 23, 2015

The local stock barometer slipped for the second day in a row Friday due to lack of fresh catalysts after the recently ended first-quarter corporate earnings season.

The Philippine Stock Exchange index (PSEi) lost 25.21 points or 0.32 percent to close at 7,810.17, ignoring a firmer trading in Wall Street overnight.

For the week, the main index faltered by 71.78 points or 0.9 percent as foreign investors continued to trim their holdings of local equities.

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The index was led lower by URC, which fell by 3.64 percent while GTCAP, EDC, RLC and AP all declined by more than 1 percent.

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ALI, Megaworld, BDO, PLDT and JG Summit also faltered.

Globe, one of the few that reported better-than-expected first-quarter earnings, resumed its upswing. The telecom stock was up 3.99 percent.

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AGI, SM Prime, Metrobank and FGEN also firmed up.

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Market Securities said the PSEi was currently testing the 50-day moving average again. “Relative strength index is neutral, recovering from oversold while moving average convergence/divergence looks more positive, indicating a possible bullish crossover if the index attempts higher levels,” the brokerage said.

DA Market cited seasonal factors that could curb trading volumes and induce profit-taking: Lack of leads post-corporate earnings season, the beginning of summer in the West (end-May) and locally, the re-opening of schools (starting June). Doris Dumlao-Abadilla

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TAGS: Business, stocks

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