PSEi down 0.23% as market consolidates
The bulls took a respite on Tuesday—after starting the week yesterday with a bang—as the market entered a consolidation phase.
The Philippine Stock Exchange index (PSEi) slipped by 16.19 points or 0.23 percent to close on Tuesday at 7,107.82 as investors pocketed gains from selected large-cap stocks.
Elsewhere in the region, trading was mostly sluggish as investors worried about China’s continuing crackdown on businesses alongside rising inflation driven by the elevated energy prices.
“Philippine shares consolidated following the sell-off in the US and Asia after WTI crude oil got traded at about $80 per barrel, adding to the inflation worries of the public,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
He said global investors were also awaiting the release of the latest US employment data, bank earnings and cues from the latest Federal Open Market Committee minutes.
At the local market, the decline was led by the services counter, which fell by 1.86 percent.
The rest of the subindices edged higher, led by the mining/oil counter which added 3.19 percent. The financial, industrial, holding firm and property counters all added less than 1 percent.
Value turnover for the day amounted to P9.74 billion. There was a modest net foreign buying of P2.77 million.
Despite the PSEi’s decline, market breadth was positive, with 100 advancers beating 87 decliners, while 65 companies were unchanged.
The market was dragged down by PSEi newbies Wilcon and Converge, which fell by 5.76 percent and 2.92 percent, respectively.
ICTSI also lost 3.46 percent, while PLDT fell by 2.41 percent. Ayala Land shed 0.14 percent.
The day’s most actively traded company was Monde Nissin, which is seen as a PSEi candidate for the next index rebalancing in February.
Jollibee advanced by 4.51 percent, while GT Capital added 3.26 percent.
Globe Telecom rose by 2.27 percent, while Metrobank, BPI and LTG all added more than 1 percent.
SM Prime, AC Energy and RRHI all gained less than 1 percent.
Notable gainers outside the PSEi were DMCI and Semirara, which surged by 9.14 percent and 10.02 percent, respectively, after declaring hefty special dividends.
