PSEi catches breath after 6-day climb
The benchmark Philippine Stock Exchange (PSEi) cooled off on Friday as investors booked profits after advancing for six straight sessions while Asian markets rose.
By the closing bell, the PSEi dropped by 0.3 percent, or 22.11 points, to 7,289.61 while the broader all-shares index slipped lower by 0.27 percent, or 12.22 points, to 4,462.70.
The pullback followed multisession gains of about 3.4 percent—fueled by expectations that business activity would recover with the downtrend in COVID-19 infections.
Meanwhile, Asian markets ended mostly higher after Chinese property giant Evergrande Group made a crucial bond payment, averting a default that would hurt the country’s economy.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors also weighed strong US jobs data.
“Initial jobless claims fell to a new pandemic low of 290,000 last week, the Labor Department reported [on] Thursday—down 6,000 from the previous week and lower than the 300,000 consensus,” he said in a research note on Friday.
Most PSE subsectors closed lower, led by industrial and mining and oil, which sank 1.16 percent and 0.95 percent, respectively.
Property and holding firms each lost 0.42 percent and 0.4 percent, while financial and services rose 0.63 percent and 0.23 percent.
Trading volume also slowed compared to the previous session with 785.36 million shares valued at P5.32 million changing hands while foreigners were net sellers to the tune of P17.86 million.
Decliners on Friday outnumbered gainers, 105 to 82, while 57 companies closed unchanged.
AC Energy Corp. was the most actively traded during the session as it lost 3.83 percent to P11.04 per share.
It was followed by Converge ICT Solutions Inc., down 0.32 percent to P30.90; Monde Nissin Corp., down 2.29 percent to P16.20; SM Prime Holdings, up 0.41 percent to P36.35; and SM Investments Corp., down 0.39 percent to P1,034 per share.
