PSEi ends lower

The local stock barometer opened higher but retreated in afternoon trade Tuesday as fresh oil jitters soured risk-taking.

The Philippine Stock Exchange index (PSEi) initially gained in morning trade but ended the day losing 24.59 points or 0.31 percent to close at 8,024.54.

With the index nearing record highs, profit-taking temptation has also risen especially amid volatile commodity prices. Meanwhile, regional markets braced for major central bank meetings in the US and Japan.

AB Capital Securities said the market fell in afternoon trade as crude dropped to a three-month low on global oil supply glut concerns.

The brokerage house noted that market breadth was bearish with 71 advancers edged out by 130 decliners while 53 stocks were unchanged.

“In terms of technicals, the index can again test the primary 8,100 resistance level (today) while secondary resistance is pegged at 8,150,” the brokerage said. Primary and secondary support levels were seen at 8,000 and 7,950, respectively.

The PSEi was weighed down by the 1.17-percent decline by the holding firm counter while mining/oil and property indices likewise slipped.

On the other hand, the financial, industrial and services counter ended with modest gains.

Value turnover for the day amounted to P9.3 billion.

DMCI, PLDT and First Gen led the PSEi higher while BDO, Ayala Land, URC and Metrobank also posted modest gains.

Among the notable gainers outside the PSEi were Vitarich and Cirtek, which respectively rose by 26 percent and 2.39 percent in relatively heavy volume.

On the other hand, Aboitiz Equity Ventures, SM Investments corp. and Megaworld slipped by more than 2 percent while Metro Pacific Investments Corp., SM Prime, Ayala Corp., Globe and JG Summit also faltered. Doris Dumlao-Abadilla