PSEi in vulnerable spot after slump

MANILA  -Philippine stocks tumbled on Friday as the benchmark index slid just below a key support zone, underscoring continued risk averse sentiments.

By the closing bell, the Philippine Stock Exchange index (PSEi) sank 1.32 percent, or 82.06 points, to 6,126.34 while the broader All Shares index shed 0.99 percent, or 33.13 points, to 3,320.18.

Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., earlier said the 6,140 level was an important support area for the PSEi.

“A break below the 6,140 levels will put the 5,700/6,000 levels within striking distance,” Ravelas said on Friday.

Trading activity picked up as a total of 1.5 billion shares valued at P9.07 billion changed hands while net foreign selling reached nearly P2.5 billion, data from the stock exchange showed.

Aboitiz Power Corp. was the top traded stock as it fell 4.82 percent to P31.60 per share.

It was followed by Bank of the Philippine Islands, up 0.36 percent to P110; RL Commercial REIT, down 4.80 percent to P4.76; BDO Unibank Inc., down 0.46 percent to P129; and Robinsons Retail Holdings Inc., down 4.72 percent to P47.45.

SM Prime Holdings Inc. dipped by 2.65 percent to P29.40 while International Container Terminal Services Inc. was down by 2.38 percent to P205.

Overall, there were 109 losers against 86 advancers while 35 companies closed unchanged.