PSEi fails to sustain rally

INQUIRER FILE PHOTO

MANILA  -Local stocks retreated on Thursday after the benchmark Philippine Stock Exchange index (PSEi) failed to breach an important resistance level during another low-volume session.

By the closing bell, the PSEi slipped 0.39 percent, or 25.34 points, to 6,539.36 while the broader All Shares index was down 0.31 percent, or 10.94 points, to 3,484.71.

Stocks returned partial gains after bulls failed to sustain yesterday’s rally.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., pegged the next resistance for the PSEi between the 6,590-6,630 range.

Asian shares were also down after the Bank of Canada unexpectedly raised their benchmark interest rate, heightening global inflation concerns.

https://business.inquirer.net/404405/asian-shares-slide-as-traders-fret-on-fed-rates

https://business.inquirer.net/404427/bank-of-canada-hikes-rates-to-22-year-high-more-increases-expected

All PSE subsectors closed in the red, with property and mining & oil leading the way with declines of 0.67 percent and 0.55 percent, respectively.

Total value turnover was relatively thin as 626.14 million shares valued at P3.86 billion changed hands while foreigners were net sellers to the tune of P416.92 million, stock exchange data showed.

Ayala Corp. was the top traded stock as it added 0.45 percent to P677 per share.

It was followed by Universal Robina Corp., down 2.39 percent to P142.90; SM Prime Holdings Inc., down 0.15 percent to P33.65; Bank of the Philippine Islands, down 0.87 percent to P103; and BDO Unibank Inc., up 0.29 percent to P137.80 per share.

Ayala Land Inc. was down 1.90 percent to P25.80; International Container Terminal Services Inc., down 0.10 percent to P201.80; Metrobank, down 0.88 percent to P56.20; and AgriNurture Inc., up 0.14 percent to P7.32.