Tough trail sending PSEi huffing and puffing back to 2023 start point

The benchmark Philippine Stock Exchange index (PSEi) continued to consolidate above 6,600 after recently retracing all gains from its January 2023 rally as investors weigh recent corporate earnings and risks to economy amid persistently high consumer prices.

On Thursday, the PSEi added 0.23 percent, or 15.32 points, to 6,622.45 while the broader All Shares index rose 0.28 percent, or 9.82 points, to 3,549.18.

The index is hovering above its 2022 close of 6,566.39 after an early-year bull market rally pushed up the measure to a high of 7,137.62.

Jonathan Ravelas, managing director at eManagement for Business and Marketing Services, had earlier warned of further downside should the PSEi lose the 6,750 level.

“The sustained fall below the 6,700 levels confirms the breakdown towards 6,300/6,500 levels based on technical analysis. Looming rate hikes by the [Bangko Sentral ng Pilipinas] to trim sticky inflation could trigger such move,” he said.

Stock market data on Thursday showed 1.35 billion shares valued at P7.07 billion changing hands while net foreign selling hit P1.54 billion.

Mining and oil (+1.16 percent) led most subsectors higher, followed by property (+1.02 percent), services (+0.35 percent), industrial (+0.06 percent) and holding firms (+0.007 percent). Financials ended the session down by 0.26 percent.

Globe on top

Globe Telecom was the top traded stock as it rose 0.06 percent to P1,807 per share.

It was followed by BDO Unibank Inc., up 0.81 percent to P125; Ayala Land Inc., flat at P28.85; Bank of the Philippine Islands, up 0.1 percent to P104.10; and Metropolitan Bank & Trust Co., down 4.16 percent to P58.80 per share.

SM Investments Corp. was up 0.17 percent to P890.50; ACEN Corp., up 2.85 percent to P6.49; SM Prime Holdings Inc., up 2.01 percent to P35.50; Megaworld Corp., down 1 percent to P1.98,  and International Container Terminal Services Inc., up 0.55 percent to P199.90 per share.

Overall, there were 96 advancers against 86 losers while 58 companies closed unchanged, stock market data showed.