PSEi down 0.58% on profit-taking

The local stock barometer slipped to the 7,800 level on Wednesday as investors digested the latest stream of local corporate earnings and pocketed recent gains.

The main-share Philippine Stock Exchange index (PSEi) shed 45.98 points, or 0.58 percent, to close at 7,861.05. Elsewhere in the region, stock markets traded with mixed sentiment.

Local stock brokerage Papa Securities said its call was to sell on strength for now and wait for the next support level at 7,700 as entry level.

On a positive note, Papa Securities noted that the budget impasse in Congress had been resolved and the 2019 budget was only awaiting the signature of President Duterte.

The PSEi was weighed down by the financial, industrial, holding firm, mining/oil and property counters.

On the other hand, the services counter slightly gained.

Value turnover amounted to about P5.6 billion.

There were 139 decliners that edged out 71 advancers while 49 stocks were unchanged.

The PSEi was weighed down most by GT Capital, which fell by 3.28 percent. This conglomerate’s 2018 net profit declined by 5.6 percent to P13.4 billion on slower earnings from the automotive business.

Ayala Land, Metro Pacific and Metrobank all declined by more than 2 percent.

BPI also slopped by 1.35 percent while Ayala Corp., Jollibee, Meralco, San Miguel Corp., AGI and Security Bank also faltered.

Outside of the PSEi, one notable decliner was Anglo Philippine Holdings, which slid by 18.92 percent.

On the other hand, ICTSI gained 1.2 percent while SM Prime, Megaworld and JG Summit also firmed up.

One notable gainer outside the PSEi was Lorenzo Shipping, which surged by 7.22 percent in relatively heavily volume.