PSE index down as investors pocket gains

The local stock barometer ended flat on Tuesday as domestic investors trimmed their holdings even as foreign funds continued to flow into the market.

The main-share Philippine Stock Exchange index (PSEi) shed 3.1 points or 0.04 percent to close at 8,050.82. Elsewhere in the region, trading sentiment was mixed.

In a research note, local stock brokerage Papa Securities said there was “little excitement ahead as alarming technical indicators for the PSEi, along with an unenthusiastic performance of US markets (Monday) night show little clear and immediate reason for the index to break out of its resistance levels in a strong fashion.”

Initial support remains to be at the 7,800 area while 8,100 still appears to be a tough barrier, the brokerage said.

The index was weighed down most by the property counter, which fell by 1.26 percent, while the mining counter also slipped.

On the other hand, the financial, industrial, holding firm and services counters all firmed up.

While foreign funds were loading up local equities, domestic investors were pocketing recent gains. There was P795.8 million in net foreign buying for the day.

Value turnover for the day amounted to P8.21 billion.

There were 124 decliners that edged out 86 advancers while 33 stocks were unchanged.

The PSEi was weighed down most by Ayala Land, which declined by 2.49 percent and was the most actively traded company for the day.

ICTSI and BPI both fell by over 1 percent while SM Prime Holdings, Ayala Corp., PLDT, URC and Meralco all slipped.

On the other hand, JG Summit gained 2.04 percent while BDO, Jollibee and AEV all added over 1 percent.

SM Investments, Metro Pacific, Metrobank and GT Capital all firmed up.

Investors also scouted for buying opportunities outside the PSEi.

Premiere Horizon gained another 16.18 percent while cement-maker Cemex surged by 6.72 percent.

Another notable gainer was TBGI, which rose by 4.3 percent.