PSEi continues to weaken

The local stock barometer faltered for the third session Tuesday as investors continued to consolidate recent gains.

The main-share Philippine Stock Exchange index (PSEi) gave up 10.16 points or 0.15 percent to close at 6,780.26.

Trading was mixed across counters, with the industrial, holding firm and property counters weighing down the market. On the other hand, the financial, services and mining/oil counters were modestly higher.

Value turnover for the day was relatively thin at P5.37 billion. There were 72 advancers, which were edged out by 96 decliners, while 46 stocks were unchanged.

Dealers said the market was still in a consolidation mode in the absence of fresh catalysts. All eyes were awaiting the government’s report on first-quarter Philippine gross domestic product results on Thursday.

Investors locked up gains from PLDT, Ayala Land Inc., BDO, SM Investments Corp., ICTSI, Globe, Ayala Corp., URC and Energy Development Corp. Outside of PSEi stocks, the notable decliners were DoubleDragon (-3 percent) and Robinsons Retail (-1.46 percent).

On the other hand, the notable gainers among PSEi stocks were LT Group (+1.85 percent) and First Gen Corp. (+2 percent).  Megaworld, Alliance Global Group Inc. and Metrobank also firmed up. Doris C. Dumlao