PSEi closes slightly down

After surging to a 10-month high, the local stock barometer took a breather on Thursday as a market barrier loomed at the 7,300 mark.

The main-share Philippine Stock Exchange index (PSEi) slipped by 1.68 points or 0.02 percent to close at 7,298.02.

“The PSEi ended flat on last-minute buying as the majority of investors remain confident and are willing to stay in the market, evident in the above average trading volumes that we continue to see. Prices of blue chips were lower earlier in the session but then recovered toward the close,” said Christopher Mangun, head of research at AAA Equities.

“The general trend of the PSEi remains sideways as volatility has died down on blue chip issues. This may continue till the end of the year as we only have six trading days left for the year. Second liners and speculative issues remain volatile as investors look for other opportunities,” he added.

The market was dragged down by the financial, industrial, mining/oil and property counters. On the other hand, the holding firm and services counters gained.

Value turnover for the day amounted to P9.26 billion. The market was weighed down by P739.83 million worth of net foreign selling.

There were 105 advancers, which were outnumbered by 117 decliners, while 49 stocks were unchanged.

The market was dragged down most by SM Prime, which lost 2.45 percent, while Ayala Corp., Puregold, Security Bank and RLC all slipped by over 1 percent.

Metrobank, BDO, URC, Meralco and BPI all declined by less than 1 percent.

Notable decliners outside the PSEI included Premier Horizon, which pulled back by 7.69 percent.

On the other hand, SM Investments advanced by 1.77 percent, while Ayala Land and ICTSI both added less than 1 percent.

Other investors looked at opportunities outside the PSEi. MRC Allied surged by 27.84 percent while A Brown and Basic Energy rose by 9.57 percent and 6.9 percent, respectively.

—DORIS DUMLAO-ABADILLA