PSEi slips after 8-day winning streak

Most local stocks slipped on Monday as domestic investors pocketed gains from local equities after an eight-day winning streak.

The Philippine Stock Exchange index (PSEi) shed 24.88 points or 0.28 percent to close at 8,745.12.

“Philippine markets took a breather after successive days of breaking records the previous week. This also came right after less than expected US employment data,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Non-farm payrolls rose by a seasonally-adjusted 148,000 in December, lower than Bloomberg consensus forecast of 193,000.

The PSEi was weighed down most by the property counter, which fell by 1.35 percent, while the financial, services and mining/oil counters also slipped.

The industrial and holding firm counters gained.

Foreign investors, however, saw the dip as an opportunity to load up. Net foreign buying for the day amounted to P1.2 billion.

Value turnover for the day amounted to P7.07 billion. There were 128 decliners that edged out 75 advancers while 43 stocks were unchanged.

The PSEi was dragged down most by Globe Telecom, which fell by 4.71 percent on prospects for tougher competition in the telecom sector.

BDO, SM Prime and PLDT all declined by over 2 percent.

Megaworld fell by 1.5 percent while Ayala Land, Ayala Corp., GT Capital, RLC and Semirara also declined.

On the other hand, LTG surged by 10.35 percent on speculation of diversification into a new business.

Security Bank and Puregold both rose by over 1 percent while SM Investments, URC, Metrobank and Jollibee also firmed up.

Outside the PSEi, notable gainers included gaming firms Melco Resorts (+6.74 percent) and Bloomberry (+2.66 percent).

The PSEi had closed at record highs in the last five straight session, buoyed by rosy prospects for the Philippines this year alongside upbeat economic data out of US and China.