The local stock barometer was back in the doldrums yesterday, tracking mostly sluggish regional markets.
The main-share Philippine Stock Exchange index lost 25.26 points or 0.32 percent to close at 7,860.77.
“Philippine markets ended in negative territory with investors focusing on developments locally and within Asia while the US was closed for a holiday. In addition, funds were switching between specific issues in order to clean up portfolios ahead of the month-end window dressing,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
At the local market, the financial, industrial, holding firm, mining/oil and property counters all slipped. Only the services counter managed to post modest gain.
Value turnover for the day amounted to P7.39 billion. Despite the day’s decline, there was net foreign buying in the market amounting to P572 million.
There were 105 decliners that edged out 77 advancers while 58 stocks were unchanged.
The PSEi was weighed down by Ayala Land, AP, Megaworld and MPI which all slumped by more than 1 percent.
URC and SM Investments also declined.
Outside of the PSEi, the companies that declined in relatively heavy trade were: D&L Industries (-1.42 percent); Bloomberry (-2.8 percent) and Pilipinas Shell (-0.23 percent).
In the meantime, Petron and Globe both gained more than 2 percent. AC and PLDT both slightly went up.
Notable advancers outside the PSEi were newly listed companies Wilcon (+5.36 percent) and Eagle Cement (+1.7 percent).
Limlingan said the ATR (average true range, a measure of volatility), was seen declining this week but was nevertheless still considered to be trading above high levels compared to historical figures.
He said “stochastics” were about to go up, confirming a potential bullish indication. On the other hand, he noted that the moving average convergence-divergence seemed to be maintaining its trend although volume was picking up.
“We expect the index to make some corrections but still hover above the 7,800 level. If this continues, this will become a new base for us to reach 8,000 in the near term,” he said.