PSEi slips as Nokor jitters drag regional marts

The local stock barometer slipped in thin trade on Tuesday as jitters over the missile fired by North Korea off the waters of Japan curbed risk-taking across regional markets.

The main-share Philippine Stock Exchange index shed 32.56 points or 0.41 percent to close at 7,833.96.

The PSEi was led lower by the financial, holding firm, mining/oil and property counters while the industrial and services counters firmed up.

Total value turnover for the day amounted to P4.74 billion.

Domestic investors were the ones paring their equities holdings as foreign investors posted a net buying position of P118.61 million.

Trading was likewise thin ahead of the US Independence Day celebration, which will result in a trading holiday in Wall Street in the next session.

“The market ended the month (of June) with declining momentum and bearish technical outlook,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

But while majority of the indicators are bearish, he said the crossover of moving averages suggested a short-term bullish trend. “This could hold the prices up and support the index to trade sideways,” he said.

Despite the PSEi’s decline, there were more advancers (109) than decliners (94) in the broader market as investors scouted for opportunities outside the main index stocks.

The PSEi was weighed down most by Ayala Land and JG Summit, which both lost over 1 percent, while ICTSI, Semirara, SM Prime, URC, SM Investments, BDO and Ayala Corp. also declined.

On the other hand, LTG and Megaworld were both up by over 2 percent. Meralco and DMCI added 1 percent while Jollibee also gained.

Outside of PSEi stocks, investors gobbled up shares of STI and East West which respectively surged by 10.96 percent and 8.88 percent, respectively.

Bloomberry also rose by 4.32 percent while Wilcon, MRSGI and IMI all went up by over 3 percent.