PSEi slips on profit-taking, NoKor jitters

PSEi breaks 8,300 in intra-day trade for the first time on Sept. 21, 2017 notwithstanding a “national day of protest”

The local stock barometer ended flat on Friday as investors pocketed gains after the recent run-up to record highs while fresh nuclear missile threats from North Korea spooked regional markets.

The main-share Philippine Stock Exchange index shed 5.59 points or 0.07 percent to close the week at 8,281.27, tracking sluggish regional markets.

Risk-taking was curbed by North Korea’s new threat to test a hydrogen bomb in the Pacific Ocean.

For the week, the PSEi advanced by a total of 100.42 points or 1.2 percent as the local stock barometer probed new highs in recent days.

“Philippine shares traded with very little fanfare as the outcomes of both the BSP (Bangko Sentral ng Pilipinas), BOJ (Bank og Japan) and FOMC (Federal Open Market Committee) were well within market expectations,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.

The PSEi was weighed down by the financial, industrial, services and property counters.

On the other hand, the mining/oil counter gained 1.08 percent while the holding firm sub-index likewise firmed up.

Value turnover for the day amounted to P6.15 billion.

There were 109 decliners that outnumbered 93 advancers while 47 stocks were unchanged.

Shares of Ayala Land, AGI, BDO, Megaworld and PLDT slipped.

Outside PSEi stocks, notable decliners included Nickel Asia (-7.11 percent) and Waterfront (-6.43 percent).

The day’s most actively traded company was Bloomberry, which lost 2.96 percent.

On the other hand, GT Capital rose by 2.21 percent while Ayala Corp. and Security Bank both gained over 1 percent.

SM Prime, SM Investments and BPI also firmed up.

Notable non-PSEi gainers included exploration firm PXP, which surged by 27.47 percent.

Cebu Landmasters advanced by 3.56 percent after announcing an increase in full-year product launches while IMI added 2.62 percent.