PSEi consolidates

The local stock barometer ended flat on Friday as investors priced in the latest stream of first quarter local corporate earnings.

The main-share Philippine Stock Exchange index shed 0.87 points or 0.01 percent to close at 7,815.53.

The index fell to as low as 7,724.37 in intra-day trade but losses were pared in afternoon trade.

“The market needs to consolidate as it had gone up too fast too soon,” said Joseph Roxas, president of local stock brokerage Eagle Equities Inc.

At the same time, he said some investors had pocketed recent gains to prepare for two upcoming initial public offerings which were both attractive to the market: Eagle Cement Corp. and Cebu Landmasters Inc.

Eagle will offer 500 million primary common shares with an over-allotment option of up to 75 million secondary shares at a P15 per share. The offer period will run from May 16 to May 22.

Cebu Landmaster’s offering will run from May 19 to 26. It plans to sell 505 million shares for up to P6.56 per common share, with an over-allotment option of another 75 million secondary shares.

For the first time in many days, foreign investors were net sellers in the stock market, resulting in net outflows of P427.7 million.

The PSEi was weighed down by the industrial, holding firm, mining/oil and property counters.

On the other hand, the services counter rose by 1.47 percent, led by PLDT which indicated that its full-year core earnings guidance may be achieved.

URC and Semirara fell by over 2 percent while Ayala Land and Globe both slipped by over 1 percent.

SM Investments, SM Prime, JG Summit and DMCI all ended slightly lower.

On the other hand, Metrobank rose by 2.48 percent after posting strong first quarter results.

PLDT gained 1.92 percent while GT Capital, BDO, Ayala Corp. and MPI also firmed up.