PSEi dips on gun-shy investors

MANILA  -Philippine stocks struggled on Tuesday as investors took a risk-off approach and stayed on the sidelines, causing the benchmark index (PSEi) to slump for a fifth-straight session.

The PSEi finished the session lower by 0.80 percent, or 48.72 points, to 6,039.72 while the broader All Shares index lost 0.56 percent, or 18.37 points, to 3,284.60.

Concerns over the global economy weighed on sentiments and further decimated trading activity. On Tuesday, 275.9 million shares valued at P2.6 billion changed hands while net foreign selling eased slightly to P633.4 million, data from the stock exchange showed.

“Expect sideways to down movements in the near-term,” Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said on Tuesday.

Eyes were on the 6,000 support zone, which could act as a potential bounce area or trigger further downside should a breakdown take place.

Meanwhile, all PSE subsectors closed in the red with services (-1.32 percent) and property (-0.85 percent) leading underperformers. Holding firms also declined 0.80 percent, followed by mining and oil, down 0.77 percent; and financials, down 0.37 percent.

Bank of the Philippine Islands was the top traded stock as it dropped 1.57 percent to P100.60 per share.

International Container Terminal Services Inc. was down 1.46 percent to P202; BDO Unibank Inc., up 0.79 percent to P127.40; Ayala Land Inc., up 0.89 percent to P28.40; and PLDT Inc. down 1.31 percent to P1,204 per share.

Universal Robina Corp. closed flat at P113.50; SM Investments Corp., flat at P811; Ayala Corp., down 1.15 percent to P602; GT Capital Holdings Inc., down 1.56 percent to P537; and SM Prime Holdings Inc., down 2.27 percent to P30.20 per share.