PSEi slips by 0.88%, closes below 7,200 level
The local stock barometer slipped below 7,200 on Tuesday as sluggish sentiment in Wall Street tempered investors’ appetite.
The main-share Philippine Stock Exchange index (PSEi) declined by 63.32 points or 0.88 percent to close at 7,134.18.
Local stock brokerage Papa Securities said the market might have seen more hesitation ahead especially with US markets closing noticeable lower overnight following the jump to new all-time highs just before the year ended. Profit-taking caused the major US indices to fall more than 1 percent, thus curbing risk-taking on Tuesday.
“For the PSEi, we expect a major support at the 6,800 to 7,000 level. It would be positive especially if the index holds above this as such an instance could still mean a return to the 7,500 area,” the brokerage said.
The market was dragged down most by the financial and mining/oil counters, which both lost over 1 percent.
The holding firm, services and property counters all declined by less than 1 percent.
Article continues after this advertisementThe industrial counter ended marginally higher.
Article continues after this advertisementValue turnover for the day amounted to P11.34 billion. Net foreign outflows were minimal at P80.27 million.
There were 133 decliners that outnumbered 87 advancers, while 43 stocks were unchanged.
Puregold and GT Capital were among the PSEi’s most battered stocks, having slid by 6.46 percent and 5.88 percent, respectively.
BDO, Metrobank and Ayala Land all lost over 2 percent, while Ayala Corp. declined by 1.79 percent.
SM Investments and BPI both slipped by less than 1 percent.
The non-PSEi stocks that declined the most were MerryMart and AC Energy, which fell by 7.63 percent and 6.08 percent, respectively.
Meanwhile, PLDT added 1.1 percent, while SM Prime, Globe Telecom and URC all rose by less than 1 percent.
Notable gainers outside the PSEi included Dito CME, which added 2.92 percent and was the day’s most actively traded company. Affiliate PH Resorts also rose by 3.29 percent.
Apollo Global added 2.45 percent, while Premier Horizon and MRC Allied both gained over 1 percent. —DORIS DUMLAO-ABADILA INQ
