PSEi down by 0.05% as investors stay on the sidelines

The local stock barometer yesterday ended a tad lower in line with mostly sluggish regional markets.

The main-share Philippine Stock Exchange index (PSEi) shed 3.96 points or 0.05 percent to close at 7,322.89.

“The market continues to calm down as more and more investors wait on the sidelines for something to happen. The general sentiment remains cautious as more companies report 2019 earnings,” said Christopher Mangun, head of research at AAA Equities.

“The PSEi may end the week with minor gains as bargain seekers pick up cheap shares,” he added.

The index was pulled down mainly by the financial, industrial and holding firm counters.

The services counter added 1.31 percent, while the mining/oil and property firms also firmed up.

Value turnover for the day amounted to P5.33 billion. There was modest net foreign buying amounting to P187.7 million.

There were 101 decliners that edged out 86 advancers, while 45 stocks were unchanged.

The PSEi was weighed down most by DMCI, which lost 2.23 percent.

BDO, BPI and Jollibee all declined by over 1 percent, while Metrobank, SM Investments, Aboitiz Power, URC and Puregold also slipped.

Outside of the PSEi, one notable decliner was ISM, which slid by 9 percent.

The PSEi’s decline was mitigated by the gains posted by ICTSI and PLDT, which respectively rose by 3.1 percent and 1.57 percent.

Ayala Land, Ayala Corp., JG Summit and Globe Telecom also firmed up.

One notable gainer outside the PSEi was newly listed Fruitas, which added 2.67 percent. INQ