Bourse hit by second day of sell-offs

MANILA  -The benchmark Philippine Stock Exchange Index held on to the 6,500 level even as profit taking continued for a second consecutive session.

The PSEi shed 0.34 percent, or 21.96 points, to 6,528.80 while the broader All Shares index slipped 0.31 points, to 3,482.75.

Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said the 6,700 level remains a key resistance zone that is capping any further upside for the index.

“Should the sell-off continue, it may highlight the market’s failure to test the 6,700 levels,” Ravelas said in a note to investors on Tuesday. He added this increases the likelihood the PSEi could retest the 6,400 to 6,300 areas, which are key support zones.

Value turnoverMeanwhile, data from the exchange showed 486.7 million shares valued at P3.2 billion changed hands while foreigners were net sellers amounting to P71.3 million.

Mining and oil, financials and industrial pulled back while property, services and holding firms rose.

BDO Unibank Inc. was the top traded stock as it slipped 3.66 percent to P139.50 per share.

It was followed by Ayala Land Inc., up 0.98 percent to P25.70; Manila Electric Co., up 0.40 percent to P351; Aboitiz Power Corp., down 4.63 percent to P34; and Bank of the Philippine Islands, up 0.09 percent to P116.10 per share.

Ayala Corp. rose 0.65 percent to P615; Jollibee Foods Corp., flat at P250; GT Capital Holdings Inc., up 1.16 percent to P525; PLDT Inc., down 1.23 percent to P1,289; and SM Prime Holdings Inc., up 0.61 percent to P33 per share.

Overall, there were 106 losers against 71 advancers while 52 companies closed unchanged, data from the stock exchange showed.