PSEi slips on oil jitters

THE LOCAL stock barometer wavered between gains and losses on Tuesday as fresh oil jitters soured risk-taking.

The Philippine Stock Exchange index initially gained in morning trade but ended the day losing 24.59 points or 0.31 percent to close at 8,024.54.

With the index nearing record highs, profit-taking temptation has also risen especially with volatile commodity prices and as regional markets brace for major central bank meetings in the US and Japan.

In a research note, AB Capital Securities said the market retreated in afternoon trade in line with the fall in crude prices to a three-month low on global oil supply glut concerns.

The brokerage house noted that market breadth was bearish with 71 advancers edged out by 130 decliners while 53 stocks were unchanged.
        
“In terms of technicals, the index can again test the primary 8,100 resistance level tomorrow (July 27), Wednesday, while secondary resistance is pegged at 8,150,” the brokerage said.

Primary and secondary support levels were seen at 8,000 and 7,950, respectively.
 
The PSEi was weighed down by the 1.17 percent decline by the holding firm counter while mining/oil and property indices likewise slipped.

On the other hand, the financial, industrial and services counter eked out modest gains.

Value turnover for the day amounted to P9.3 billion.

DMCI, PLDT and FGEN led the PSEi higher while BDO, ALI, URC and Metrobank also posted modest gains.

Among the notable gainers outside the PSEi were Vitarich and Cirtek which respectively surged by 26 percent and 2.39 percent in relatively heavy volume.

On the other hand, AEV, SMIC and Megaworld slipped by over 2 percent while MPI, SM Prime, AC, Globe and JG Summit also faltered.