PSEi barely moves as sellers camp near 6,500 for profits

The benchmark Philippine Stock Exchange Index (PSEi) closed flat as buyers and sellers squared off near the 6,500 level.

By the closing bell, the PSEi slipped 0.05 percent, or 2.94 points, to 6,475.50 while the broader All Shares index rose 0.19 percent, or 6.59 points, to 3,416.14. “The index closed slightly lower as selling pressure emerged in the 6,500 area. In terms of technicals, the market is nearly overbought after last week’s rally, so some traders have started to take profits,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said on Monday. “News flows were also not that favorable as US Federal Reserve officials tempered expectations of interest rate cuts next year,” he added.

Stock exchange data showed 602.7 million shares valued at P5.4 billion changing hands while net foreign buying reached P625.25 million.

PSE subsectors were mixed as property, services and mining and oil advanced while industrial, financials and holding firms slumped.

Ayala Land Inc. was the top traded stock as it rose 3.03 percent to P33.95 per share.

It was followed by BDO Unibank Inc., down 2.31 percent to P126.90; International Container Terminal Services Inc., up 2.95 percent to P244; SM Investments Corp., up 0.72 percent to P912.50; and Jollibee Foods Corp., up 2.28 percent to P251.60 per share. INQ