The local stock barometer started the week on a sluggish note, tracking mostly listless regional markets ahead of the Christmas holiday break.
The Philippine Stock Exchange index (PSEi) slipped by 47.91 points or 0.66 percent to close on Monday at 7,224.89.
Selling pressure was heavy at the beginning of the session while buying orders were minimal, said Christopher Mangun, head of research at AAA Equities.
Buyers came in later on and picked up shares at lower prices which trimmed losses for the day, he noted.
“Trading volumes on blue chips declined….Trading volumes on second liners and speculative issues spiked as investors try to seal a profit before the holidays,” he said. “Volumes may continue to decline in the coming days.”
While the PSEi was able to close above its 7,200 support level, he said increased selling pressure in the coming days might bring it closer to 7,000 at the end of the three-day trading week.
The market was weighed down by the industrial counter, which fell by 1.14 percent. The financials, holding firm, services and mining all declined by less than 1 percent.
The property counter eked out marginal gains.
Value turnover for the day hit P8.49 billion. Foreigners remained mostly sellers, albeit at a modest outflow of P104.76 million.
There were 144 decliners and 83 advancers, while 42 stocks were unchanged.
The main index was weighed down most by GT Capital, which tumbled by 4.17 percent, while URC fell by 3.36 percent.
BDO, Metro Pacific and PLDT all declined by more than 1 percent, while Ayala Land, BPI, Security Bank and ICTSI all slipped by less than 1 percent.
MetroBank gained 1.51 percent, while SM Prime and Puregold both added less than 1 percent.
Investors also turned to companies outside the PSEi for buying opportunities. The day’s most actively traded was third telecom player Dito, which advanced by 5.3 percent. —DORIS DUMLAO-ABADILLA INQ