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PSEi down as investors await key central banks’ meet

/ 05:05 AM September 11, 2019

Local stocks slipped on Tuesday while risk-taking was muted across regional markets ahead of key central banks’ meetings.

The local stock barometer shed 30.64 points or 0.39 percent to close at 7,929.48.

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Local stock brokerage Papa Securities said there was lack of any immediate catalyst in the market.

Investors are awaiting the outcome of key central banks’ meetings in the coming days. All eyes are on the European Central Bank’s policy meeting on Thursday and next week’s meetings of the US Federal Reserve and Bank of England.

On the US-China trade talks, there was relief from a statement from US Treasury Secretary Steven Mnuchin that these countries have “made a lot of progress.”

The local index was weighed down most by the property counter, which fell by 1.11 percent. The industrial and holding firm counters also dipped.

The mining/oil counter gained 2.53 percent, while the financial and services counters modestly rose.

Value turnover for the day amounted to P5.22 billion. Local investors sold down stocks as there was P609.77 million in net foreign buying.

There were 92 decliners and 91 advancers, while 56 stocks were unchanged.

The PSEi was weighed down most by SM, Ayala Land, SM Prime, URC and Meralco, which all declined by over 1 percent.

Metrobank, Ayala Corp., Security bank and AGI also slipped.

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On the other hand, PLDT gained 2.25 percent while JG Summit and ICTSI both rose. BDO, GT Capital, BPI and Jollibee all firmed up.

One notable gainer outside the PSEi was Global Ferronickel, which added 3.66 percent.

“Eventual movement continues to remain biased to the upside however, at least as shown by technicals, with initial resistance pegged at 8,000. Momentum indicators RSI (relative strength index) and MACD (moving average convergence-divergence) remain strong; the former having recovered from the oversold area, and the latter after a recent bullish crossover,” Papa Securities said.

“A breakout past the 8,000 level puts the next resistance at 8,130,” it added.

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