PSEi pulls back from resistance level

Philippine shares were mainly lower on Tuesday as the benchmark index pulled back from a major resistance level amid the lack of drivers to fuel its further upside.

By the closing bell, the Philippine Stock Exchange index (PSEi) sank 0.7 percent, or 47.64 points, to 6,774.68 while the broader all shares index shed 0.72 percent, or 26.16 points, to 3,606.91.

The pullback was expected as the PSEi’s recent rally appeared to be losing steam since it was accompanied by thinning volumes, analysts said.

Trading activity on Tuesday, however, jumped to about P35.7 billion as fund managers tracking the MSCI index rebalanced their portfolios.

“Philippine shares closed in the red on heavy trading activity as investors tracked the latest MSCI rebalancing,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Tuesday.

Final warning

The PSE also sent a final warning to five companies for failing to submit their financial documents on time.

These were 8990 Holdings (+1.74 percent), Century Peak Holdings Corp. (-0.36 percent), Leisure & Resorts World Corp. (-3.03 percent), TKC Metals Corp. (+13.24 percent) and Vantage Equities (-10.26 percent).

On Tuesday, 8990 Holdings submitted its annual and quarterly reports, thus avoiding a trading suspension the PSE said would be imposed at the opening of trading on June 1 this year.

Converge ICT Solutions Inc. remained the top traded stock as it rose 1.73 percent to P26.50 per share.

It was followed by SM Prime Holdings Inc., down 2.89 percent to P36.90; Ayala Land Inc., flat at 29.60; Monde Nissin Corp., down 6.33 percent to P14.80; and Ayala Corp., down 0.57 percent to P697 per share.

Other active names were BDO Unibank Inc., up 2.54 percent to P133.40; Globe Telecom, down 6.18 percent to P2,428; PLDT Inc., down 3.11 percent to P1,900; Bank of the Philippine Islands, up 1.38 percent to P98.85; and Aboitiz Equity Ventures Inc., up 0.95 percent to P53 per share.

PSE data showed a total of 113 losers against 76 advancers while 48 companies closed unchanged.

—Miguel R. Camus