PSEi takes breather below 7,000 to count profits

The local stock barometer retreated to close slightly below 7,000 on Thursday as investors pocketed recent gains and focused on smaller cap stocks.

The main-share Philippine Stock Exchange index (PSEi) slipped by 54.16 points, or 0.77 percent, to close at 6,997.62, tracking the pullback seen in the United States and most regional markets.

Foreign investors were net sellers for the fifth straight session, resulting in a net outflow of P1.09 billion.

BDO Unibank chief strategist Jonathan Ravelas said the PSEi could try to revisit 7,300.

“But should it stay above the 7,000 levels, it will just go back to the 6,700 to 7,000 consolidation levels,” Ravelas said.

Nonetheless, the market is now trading at levels seen before the mid-March lockdowns imposed by the government to curb the COVID-19 pandemic.

The holding firm and mining/oil counters both fell by over 1 percent, while the industrial, services and property counters all declined by less than 1 percent.

The financial counter defied the day’s downturn as it gained 1.57 percent.

Value turnover for the day amounted to P11.12 billion.

There were 114 advancers that edged out 99 decliners, while 60 stocks were unchanged.

Investors sold down shares of index heavyweight SM Investments, which fell by over 2.33 percent. PLDT and Metro Pacific both slipped by over 2 percent.

SM Prime and Ayala Corp. both declined by over 1 percent. Ayala Land and Globe Telecom both also declined.

On the other hand, BPI and GT Capital both rose by over 2 percent.

BDO and Security Bank added over 1 percent while Metrobank rose by 0.33 percent.

Outside the PSEi, investors loaded up on shares of Premiere Horizon, which soared by 32.76 percent, while MRC Allied rallied by 13.68 percent.

AC Energy rose by 5.07 percent while DoubleDragon and MerryMart added 2.09 percent and 3.69 percent, respectively. —DORIS DUMLAO-ABADILLA