Local equities end lower for fourth straight day
MANILA -The Philippine Stock Exchange index (PSEi) could not catch a break after settling in the red for the fourth consecutive trading day as selling pressure outweighed bargain-hunting activities.
The benchmark PSEi slipped by 0.11 percent, or 6.93 points, to end at 6,041.04 while the wider All-Shares index dropped by 0.08 percent, or 2.64 points, to close at 3,271.66.
“While the market mostly traded in the red and briefly dipped below the psychological level of 6,000, bargain hunters attempted to rally, but were unable to sustain the momentum, ultimately yielding to selling pressure,” said Claire Alviar, assistant manager for research and online engagement at Philstocks Financial Inc.
She noted that investors cashed in ahead of the Monetary Board policy meeting on Thursday.
In a research note, COL Financial Group noted that PSEi might “have broken its small range support,” projecting a potential dip to 6,050 to 5,950.
Most of the sub sectors were in the green, except for financials and holding firms indices that fell by 0.41 percent and 0.59 percent, respectively.
About 542.64 million shares valued at P5.26 billion were traded. Winners led losers, 100-79, while 43 issues were unchanged.
Aboitiz Power Corp.’s shares were the most actively traded, climbing by 1.15 percent to P30.75 each.
This was followed by SM Prime Holdings, up 0.87 percent to P28.95; Century Pacific Food, up 4.83 percent to P30.40; BDO Unibank Inc., down 1.54 percent to P127.80; SM Investments Corp., down 1.44 percent to P789.50; and D&L Industries, up 0.97 percent to P6.27.
Other active names were Bank of the Philippine Islands, up 0.66 percent to P107; Ayala Land Inc., flat at P26.80; PLDT Inc., up 3.45 percent to P1,138; and Universal Robina Corp., down 1.31 percent to P113.