PSEi stays above 8,000

The local stock barometer slipped on Monday, decoupling from upbeat regional markets but staying above the 8,000 mark.

The Philippine Stock Exchange index (PSEi) shed 39.66 points, or 0.49 percent, to close at 8,007.46 as investors reassessed recent gains.

Apart from firmer regional markets, expectations of lower inflation for the month of January coupled with the release of fourth-quarter 2018 earnings results are supporting the local stock market, local stockbrokerage Papa Securities said.

The index is seen to find support at 7,900 and resistance at 8,130.

On Monday, the PSEi was weighed down by the services counters, which slipped by 1.8 percent. The financial, industrial, holding firm and mining/oil counters also declined.

On the other hand, the property counter gained 0.77 percent.

There were 114 decliners that edged out 86 advancers, while 45 stocks were unchanged.

Value turnover stood at P5.67 billion. Local investors were mostly pocketing gains as foreigners remained net buyers by P52.92 million for the day.

The PSEi was weighed down by Ayala Corp., AGI, Meralco, BDO and Metro Pacific, which all lost more than 1 percent. Shares of Metrobank, SM Investments and Megaworld also slipped.

Outside the PSEi, one notable decliner was ISM, which lost 3.67 percent.

On the other hand, SMC bucked the day’s downturn, rising by 4.69 percent. Its subsidiary San Miguel Food and Beverage also rose by 1.77
percent.

SM Prime, the day’s most actively traded company, added 1.27 percent.

The PSEi has rallied by since the start of the year, buoyed by the return of foreign flows alongside expectations of a more dovish US Federal Reserve and the slowdown in local inflation this year.