PSEi gives up 6,900 level as buyers’ market overheats

The stock barometer fell below the 6,900 mark in thin trade on Thursday as investors cashed in from lofty prices.

The Philippine Stock Exchange index (PSEi) slipped by 26.83 points, or 0.39 percent, to close at 6,875.71, bucking mostly firmer regional markets.

Local stock brokerage Papa Securities said the PSEi was now trading at extremely overbought levels based on relative strength index.

The financial, holding firm, mining/oil and property counters all declined by 1 percent.

Value turnover

On the other hand, the industrial and services counters both added less than 1 percent.

Value turnover was only P3.6 billion. There was marginal net foreign selling of P2.67 million.

There were 118 decliners that outnumbered 97 advancers, while 47 stocks were unchanged.

Investors sold down shares of Ayala Corp., which fell by 3 percent.

JG Summit declined by 2.28 percent, while Ayala Land, the day’s most actively traded company, fell by 1.57 percent.

BDO shed 1.18 percent, while SM Prime, Megaworld, Jollibee and PLDT all slipped by less than 1 percent.

On the other hand, Puregold gained 3.72 percent, while San Miguel Corp. (SMC) added 3.09 percent.

Universal Robina Corp. (URC) added 1.4 percent, while Aboitiz Power and SM Investments both added less than 1 percent.

Outside the PSEi, notable gainers included Ever Gotesco, which rose by another 15 percent, while Boulevard Holdings gained 13.86 percent.

Newly listed Monde Nissin rose by 1.6 percent. —DORIS DUMLAO-ABADILLA INQ