PSEi closes down 0.53% on foreign selling, profit-taking

The local stock barometer slipped on Friday as investors reassessed their portfolios while other markets in the region firmed up.

The main-share Philippine Stock Exchange index (PSEi) shed 33.38 points or 0.53 percent to close at 6,315.07, dragged down by about P2 billion worth of net foreign selling.

For the week, the index lost a total of 161.17 points or 2.5 percent due to profit-taking after the strong market run-up in previous weeks.

Papa Securities said the PSEi would find heavy support at the 6,200 and 6,000 areas, while the resistance would still be at 6,500.

The PSEi was weighed down most by the services and mining/oil counters, which fell by over 1 percent.

The financial, industrial and property counters also slipped.

Only the holding firm counter managed to post modest gains.

Value turnover for the day was heavy at P13.41 billion.

There were 191 decliners that edged out 89 advancers, while 54 stocks were unchanged.

The PSEi was weighed down most by Meralco, which tumbled by 4.19 percent, while Globe Telecom and ICTSI both slid by over 2 percent.

SM Prime, SM Investments, BPI, JG Summit, GT Capital and AGI all declined by over 1 percent.

PLDT and Ayala Land both declined by less than 1 percent.

On the other hand, Metro Pacific gained 5.57 percent, while Ayala Corp. added 2.34 percent.

URC and Jollibee posted modest gains.

Notable gainers outside the PSEi included newly listed MerryMart, which resumed its upswing with a gain of 7.27 percent. Cirtek also added 5.48 percent. —DORIS DUMLAO-ABADILLA