The local stock barometer pulled back on Wednesday as investors pocketed recent gains ahead of the long Lenten holiday break.
The main-share Philippine Stock Exchange index (PSEi) gave up 139.18 points or 2.46 percent to close at 5,510.83, ending its three-day run-up.
Papa Securities said the PSEi’s resistance levels stood firm after US markets were sold down from their highs overnight. It also said the market was “anticipating a likely risk-off attitude with the upcoming long weekend.”
There will be no trading on Thursday and Friday in observance of the Holy Week.
Jitters over coronavirus disease (COVID-19) and economic vulnerability are also seen to prevent any strong PSEi breakout past 5,500 to 6,000.
“In line with that, we encourage to lighten from these levels to the 6,000 resistance in anticipation of a wake-up call once grim economic figures and earnings here and in the US start coming in soon,” Papa Securities said.
All counters ended in the red but the most battered was the property counter, which tumbled by 4.61 percent.
The financial counter fell by 3.43 percent, while the holding firm and services counters slipped by over 1 percent.
The mining/oil counter fell by 0.85 percent. The industrial counter added 0.34 percent.
Value turnover for the day hit P5.95 billion. There were 102 decliners and 88 advancers, while 37 stocks were unchanged.
SM Prime and BPI dragged down the main index, both sliding by over 6 percent.
AEV fell by 5.94 percent, while Ayala Land and JG Summit lost 4.48 percent and 3.54 percent, respectively.
BDO Unibank slipped by nearly 3 percent, while PLDT and Metrobank both declined by over 2 percent.
Globe Telecom, ICTSI and GT Capital all lost over 1 percent.
SM Investments and URC both declined by less than 1 percent.
On the other hand, Jollibee rebounded by 8.6 percent. Puregold rose by nearly 3 percent, while Megaworld added 1.12 percent.