PH stocks end lower in slow trade

The local stock market ended slightly lower on Thursday as investors grappled with the dearth of fresh leads.

The main-share Philippine Stock Exchange index (PSEi) lost 8.02 points, or 0.11 percent, to close at 7,553.65, weighed down most by the financial and holding firm counters.

The industrial, services, mining/oil and property counters all eked out gains, resulting in a positive market breadth. There were 100 advancers that beat 71 decliners while 51 stocks were unchanged. Value turnover amounted to P6.94 billion.

The main index was led lower by AC, AEV and Jollibee which all slumped more than 1 percent. ALI, Metrobank, SMIC, URC and BDO also declined.

On the other hand, Globe, Meralco and MPIC all gained more than 2 percent while GTCAP, DMCI and Megaworld rose more than 1 percent. PLDT, SM Prime and JG Summit also closed higher.

Outside of the PSEi, retailers were notable gainers. Puregold was up 2 percent while RRHI firmed up by 0.34 percent in relatively heavy volume.

In a research note, stockbrokerage DA Market Securities said the PSEi had been testing critical support at 7,500, also the 150-day moving average.

While technical indicators suggested that the market was oversold, DA Market said the bourse remained in a bearish crossover.

“Should the index break below critical support, we can look to the test of lower but more ideal supports at 7,386 (200-day moving average) and 7,210. On the other hand, should the market turn up, pivotal resistance at the 7,782 level is critical for the downtrend to be challenged,” the brokerage said.–Doris Dumlao-Abadilla