The local stock barometer pulled back from record highs on Wednesday as investors pocketed gains as soon as the main index neared a tough barrier at 9,000.
The Philippine Stock Exchange index (PSEi) gave up 78.79 points or 0.88 percent to close at 8,920.23, tracking the correction seen across regional markets.
Dealers said 9,000 was still a tough resistance to break especially after the lower-than-expected fourth quarter Philippine economic growth rate. On Tuesday, the PSEi closed at a record high 8,999.02, likewise the day’s peak.
The PSEi was weighed down most by the holding firm and mining/oil counters, which both lost over 1 percent.
The financial and industrial counters also slipped.
On the other hand, the services and property counters eked out modest gains.
Total value turnover for the day amounted to P8.46 billion.
There were 115 decliners that edged out 103 advancers while 40 stocks were unchanged.
Conglomerate LTG weighed down the PSEi with its 4.26-percent decline following news that the next wave of tax reforms to be pushed by the Duterte administration would include higher taxes on “sin” products tobacco and alcohol.
BPI and GT Capital both slipped by 2.4 percent.
Investors also pocketed gains from Sy family-led BDO and SM Prime, which both fell by over 1 percent.
SM Investments, Ayala Corp., Jollibee and Globe Telecom also slipped.
On the other hand, Ayala Land and Metrobank bucked the day’s downturn, both gaining over 1 percent.
URC, PLDT and Security Bank also slipped.
Many of the actively traded stocks are non-PSEi companies, suggesting that investors were scouting for alternative plays.
For instance, Villar-led Golden Haven – a memorial park developer that plans to diversify into mass housing – surged by 39.49 percent while Now Corp. racked up 14.69 percent on a third telecom player speculation.
Integrated gaming firms Melco and Bloomberry also advanced by 10.48 percent and 5.33 percent, respectively, despite news of a proposal to increase casino taxes.