PSEi slightly down, but 8,500 still on the horizon

The local stock barometer slipped on Friday, weighed down by profit-taking on selected large-cap stocks.

The main-share Philippine Stock Exchange index (PSEi) lost 12.67 points, or 0.16 percent, to close at 8,141.82. Elsewhere in the region, trading sentiment was mixed.

For the entire week, the PSEi inched up by 23.88 points, or 0.3 percent.

With the recent breakout from the 7,500 to 8,100 consolidation range, BDO Unibank chief strategist Jonathan Ravelas said investors were turning more bullish.

The next resistance levels are seen at 8,200 and 8,250. “The question is sustainability and what could drive it,” Ravelas said.

“Earnings could be the key. The next key level to watch is 8,500,” Ravelas said.

On Friday, the PSEi was dragged down most by the industrial, holding firm and property counters.

On the other hand, the financial counter rose by 1.28 percent, while the services and mining/oil firms also firmed up.

Value turnover for the day amounted to P6.86 billion.

Despite the PSEi’s decline, market breadth was positive. There were 108 advancers that edged out 82 decliners, while 52 stocks were unchanged.

The PSEi was pulled down by Sy family-led SM Prime and SM Investments, which both dropped by over 2 percent. These are among the most valuable companies listed on the market.

Jollibee, Metro Pacific and Security Bank also slipped.

On the other hand, Megaworld gained 3.79 percent, while BDO and GT Capital both rose by over 2 percent.

BPI, Metrobank and RLC all added over 1 percent.

Ayala Corp., First Gen, PLDT, ICTSI, Bloomberry and Puregold all slightly gained.

Outside the PSEi, one notable gainer was Filinvest Land, which surged by 6.11 percent.