PSEi pulls back from year highs

The local stock barometer pulled back from recent year-highs on Monday – but stayed afloat the 8,000 level – as investors pocketed gains from the recent run-up.

The main-share Philippine Stock Exchange index lost 53.42 points or 0.66 percent to close at 8,018.05.

“Philippine markets eased substantially on the last day of July after a strong performance for the month overall,” said Luis Gerardo Limlingan, managing director at stock brokerage Regina Capital Development.

Limlingan noted that US equities had closed well off session lows on Friday as investors digested the recent weakness in technology earnings.

To confirm last week’s bullish breakout, analysts have said that the PSEi should stay above 8,048 with enough volume in the next few days. Last week, the PSEi hit a new intra-day high for the year at 8,106.74.

At the local market, the day’s decline was led by the services and property counters while the financial, holding firm and mining/oil counters likewise slipped.

Only the industrial counter managed to eke out a modest gain.

Total value turnover for the day amounted to P7.93 billion. There was net foreign selling for the day amounting to P94.41 million.

There were 129 decliners that edged out 74 advancers while 53 stocks were unchanged.

The index was weighed down by PLDT, which tumbled by 3.71 percent, while Ayala Land, Ayala Corp., Megaworld, BPI, LTG and GT Capital all fell by over 2 percent.

ICTSI also declined by over 1 percent while SM Prime, Metro Pacific and JG Summit also slipped.

On the other hand, Jollibee gained 1.35 percent while DMCI, SM Investments, BDO, URC and Security Bank also slightly rose.

Outside of the PSEi, Cemex rebounded by 1.16 percent while Cebu Air gained 1.61 percent.