The benchmark Philippine Stock Exchange Index (PSEi) took a pause as investors pocketed profits after gains in recent days.
The PSEi yesterday slipped by 0.21 percent, or 16.41 points, to 7,869.56. The broader all-shares index was also down 0.32 percent, or 15.34 points, to 4,754.80.
In a note to investors, Papa Securities Corp. said the PSEi remained attractive as a “trading market.”
“There is a strong trendline support at the 7,700-7,730 area,” Papa Securities said.
However, it cited concerns on the consumer segment. It noted that second quarter earnings were “poised to disappoint if inflation and oil prices are any indication.”
On Wednesday, mining and oil as well as property rose 0.62 percent and 0.86 percent, respectively, the only gainers among subsectors. Losers were led by holding firms, down 0.94 percent, followed by industrial, down 0.66 percent, and services, down 0.25 percent.
Volume was also relatively thin on Wednesday, with a total of 661.03 million shares valued at P6.38 billion changing hands. There were 106 losers against 84 gainers while 53 companies closed unchanged.
SM Prime Holdings Inc., down 0.39 percent to P38.15 per share, was the most actively traded yesterday. It was followed by Ayala Land Inc., up 2.49 percent to P43.40, Security Bank Corp., down 0.30 percent to P200.40, SM Investments Corp., down 1.49 percent to P923, and Metro Pacific Investments Corp., down 2.04 percent to P5.29 per share.