PSEi‍ down after 5-day upswing ahead of Chinese New Year

After a five-day upswing, the local stock barometer returned to the doldrums on Thursday ahead of a long weekend break due to the Lunar New Year turnover.

The main-share Philippine Stock Exchange index (PSEi) declined by 91.14 points, or 1.29 percent, to close at 6,991.01.

The PSEi thus gave up earlier gains in the week and finished 28.17 points, or 0.4 percent lower than last week’s closing.

“Philippine shares closed lower ahead of the long weekend as the market absorbed new corporate earnings releases and upon the release of the tamed CPI (consumer price index) data. Others realigned portfolios to match that of the recalibrated PSE index, which takes effect on Monday, Feb. 15,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

The PSEi was weighed down most by the industrial, holding firm and property counters, which all fell by over 1 percent.

The services counter slipped by 0.45 percent.

On the other hand, the financial and mining/oil counters both rose by less than 1 percent.

Value turnover for the day amounted to P15 billion. Net foreign selling was only at P185.64 million.

Decliners edged out advancers, 131 to 95, while 44 stocks were unchanged.

The PSEi was weighed down most by Gokongwei-led JG Summit, which tumbled by 5.97 percent.

Property giant SM Prime lost 2.36 percent, while Security Bank, RRHI and Ayala Corp. all fell by over 1 percent.

SM Investments, Ayala Land and Metrobank all declined by less than 1 percent.

Notable decliners outside the PSEi included PHA, which lost 5.11 percent.

Basic Energy fell by 3.36 percent while ATI lost 2.6 percent.

AC Energy and Converge slipped by less than 1 percent.