The local stock barometer ended flat yesterday as investors factored in the latest stream of first-quarter corporate earnings.
The main-share Philippine Stock Exchange index (PSEi) 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 has gone up too fast too soon,” said Joseph Roxas, president of local stockbrokerage Eagle Equities Inc.
At the same time, he said some investors had pocketed recent gains to prepare for two upcoming initial public offerings that were both attractive to the market: Eagle Cement Corp. and Cebu Landmasters Inc.
For the first time in many days, foreign investors were net sellers in the stock market, resulting in a net outflow 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 might be achieved.
Universal Robina Corp. and Semirara fell by more than 2 percent while Ayala Land and Globe Telecom 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 Metro Pacific Investments Corp. also firmed up.