Market corrects, closes 0.82% down

The local stock barometer yesterday slipped on further profit-taking as investors consolidated recent gains.

The Philippine Stock Exchange index shed 68.4 points or 0.82 percent to close at 8,279.92.

“This correction is just right because the market is getting expensive,” said Gonzalo Bongolan, vice president at investment house Philippine Commercial Capital Inc. “But it’s not necessarily a reversal.”

Bongolan said the PSEi would likely find the next support level close to 8,200. “Then there will be consolidation as investors digest third quarter corporate earnings,” he said.

On Tuesday, the market was weighed down most by the financial and holding firms, which both declined by over 1 percent. The property counter likewise eased.

On the other hand, the mining/oil counter gained 1.65 percent. The industrial and services counters firmed up.

Total value turnover for the day amounted to P7.89 billion. There was P1.17 billion in net foreign selling for the day.

There were 113 decliners that edged out 80 advancers while 50 stocks were unchanged.

Investors sold down shares of Security Bank, which lost 4.23 percent. BDO also fell by 3.48 percent.

GT Capital dropped by 2.2 percent while Ayala Corp. and AGI slipped by over 1 percent.

Meralco, SM Prime, Jollibee and DMCI also faltered.

Outside of the PSEi, Bloomberry tumbled by 3.66 percent.

On the other hand, PLDT gained 2.05 percent while RRHI was up by 1.09 percent.

Shares of Ayala Land, Puregold and Metro Pacific also firmed up.