Listless market closes below 6,400, awaits positive news

The local stock barometer ended the week below the 6,400 level as investors awaited developments on domestic COVID-19 cases and the government’s quarantine protocols.

The main-share Philippine Stock Exchange index (PSEi) shed 37.46 points or 0.58 percent to close at 6,378.07 on Friday.

For the week, the main index lost a total of 116.74 points or 1.8 percent as new local COVID-19 daily cases remained high.

Local stock brokerage Papa Securities said the underlying trend was still biased downwards especially with the 200-day moving average heading down while a heavy overhead resistance loomed above.

“We would wait for further signals from the market, especially with regards to the quarantine restrictions after April to have a clearer view on the market’s direction,” the brokerage said.

Steep decline

The PSEi’s support area remains at the 6,170 to 6,300 level, Papa Securities said.

The mining/oil counter saw the steepest decline of 1.63 percent.

The industrial, holding firm, services and property counters all slipped by less than 1 percent.

On the other hand, the financial counter eked out a marginal 0.14-percent gain.

Value turnover for the day amounted to P5.87 billion. Foreign selling intensified, resulting in a net outflow of P1.31 billion.

There were 132 decliners that overwhelmed 64 advancers, while 47 stocks were unchanged.

JG Summit, PLDT and Metrobank all declined by over 2 percent.

SM Investments, SM Prime, Megaworld and Jollibee all lost over 1 percent, while First Gen slipped by 0.48 percent.

Notable decliners outside the PSEi included PHA, which fell by 3.15 percent, while Dito lost 2.67 percent.

AC Energy declined by 1.95 percent, while Eagle Cement shed 0.33 percent.

—Doris Dumlao-Abadilla INQ