PSEi slides as investors take wait-and-see stance

The benchmark Philippine Stock Exchange Index (PSEi) slid lower on Wednesday as cautious investors locked in gains while the country’s economic prospects remained hazy.The PSEi dropped 0.12 percent, or 8.42 points, to 6,859.46 by the closing bell. The broader all-shares index was almost unchanged, sinking 0.02 percent, or 0.91 points, to 4,143.26.

Chris Mangun, research head at stock brokerage firm AAA Equities, said it was a case of wait-and-see for investors.

“Optimism is limited and investors are more cautious this time around, which is evident in the current trend. The rally may have kept selling at bay, however, it has not drawn too much buying,” Mangun said in a research note.He expected the PSEi to “continue moving sideways until the end of the week.”

Among subsectors, industrial and holding firms ended in positive territory while the rest sank.

The property subindex dropped the most with a decline of 0.39 percent.

Data from the PSEi showed 40.6 billion shares valued at P9.58 billion changing hands on Wednesday.

Gainers and losers were nearly matched at 106-110 while 44 companies closed unchanged.

AC Energy Corp. was the most actively traded for the session as it gained 1.84 percent to P7.74 per share.

It was followed by DITO CME Holdings Corp., down 1.17 percent to P13.50; Apollo Global Capital Inc., up 6 percent to P0.212; PLDT Inc., down 2.53 percent to P1,388, and Bank of the Philippine Islands, down 0.36 percent to P82.80 per share.