PSEi slips for 2nd session

THE LOCAL stock barometer slipped for the second day in a row on Friday due to lack of fresh catalysts after the recently concluded first quarter corporate earnings season.

The Philippine Stock Exchange index lost 25.21 points or 0.32 percent to close at 7,810.17, ignoring a firmer trading in Wall Street overnight.

For the week, the main index has faltered by 71.78 points or 0.9 percent.

The index was led lower by URC, which fell by 3.64 percent while GTCAP, EDC, RLC and AP all declined by over 1 percent. ALI, Megaworld, BDO, PLDT and JG Summit also faltered.

Globe, one of the few that reported better-than-expected first quarter earnings, resumed its upswing. This telecom stock was up by 3.99 percent.

AGI, SM Prime, Metrobank and FGEN also firmed up.

Local stock brokerage DA Market Securities said the PSEi was currently testing the 50-day moving average again. “Relative strength index is neutral, recovering from oversold while moving average convergence/divergence looks more positive, indicating a possible bullish crossover if the index attempts higher levels,” the brokerage said.

DA Market cited seasonal factors that could curb trading volumes and induce profit-taking: lack of leads post-corporate earnings season, the beginning of summer in the West (end-May) and locally, the re-opening of local schools (by June).