PSEi pulls back to 6,800

The local stock barometer pulled back to the 6,800 level yesterday as investors pocketed gains after a three-day rally.

The Philippine Stock Exchange index (PSEi) lost 64.37 points or 0.92 percent to close at 6,899.07.  Elsewhere in the region, stock markets were mostly up ahead of the upcoming US jobs data.

At the local market, the PSEi hovered near the 7,000 mark for two consecutive days but encountered selling close to this level.

The day’s decline was led by the holding firms and services counters, which both fell more than 1 percent. The property and industrial counters also slipped.

On the other hand, the mining/oil counter was up 2.11 percent while the financial counter

slightly firmed up.

Value turnover for the day amounted to P6.9 billion. Despite the PSEi’s overall decline, there were 90 advancers that edged out 83 decliners while 42 stocks were unchanged.

The PSEi was dragged lower by ICTSI, which fell 5.2 percent, while Metro Pacific Investments Corp., PLDT, SM Investments Corp. and SM Prime all tumbled more than 2 percent.

Jollibee and Globe were likewise down by more than 1 percent while Universal Robina Corp., Ayala Corp., GT Capital and BPI also faltered.

Metrobank, BDO and Energy Development Corp. posted modest gains. Doris Dumlao-Abadilla