The Philippine Stock Exchange index (PSEi) slipped back to the 7,200 points level on Monday on profit-taking pressure following the previous day’s climb past 7,300 points.
After slipping in and out of negative territory, the benchmark index ended down 38.28 points or 0.52 percent at 7,286.85, while the wider All Shares lost 8.03 points or 0.19 percent to 4,292.34.
Astro del Castillo, First Grade Finance Inc. managing director, said that the market moved sideways amid continuing consolidation.
“The market was just moving sideways. There’s not much positive news at present. Investors are looking forward to the GDP release this week,” del Castillo said in a phone interview.
The government is scheduled to announce the Philippines’ third quarter gross domestic product on Thursday.
Del Castillo sees the index trading in a range of 7,200-7,300 points while the market waits for bigger news that could provide buying incentives.
If the GDP result turns out to be favorable, it would “perk up” local stocks, he said, along with the so-called Santa Claus rally — a market phenomenon that sees stocks surging usually in the week between Christmas and New Year’s Day.
Except for mining and oil, which inched up 5.95 points or 0.04 percent
to 5.95 points to 15,899.07, the rest of the sectors ended lower.
Financials were down 4.76 points or 0.28 percent to 1,725.43, industrials declined 65.05 points or 0.55 percent to 11,857.05, and holding firms slipped 19.26 points or 0.30 percent to 6,297.50.
Services skid 2.53 points or 0.12 percent to 2,156.56 and property lost 11.15 points or 0.38 percent to 2,902.43.
Tuesday’s top losers were PLDT, Aboitiz Power Corp., Ayala Land Inc., Ayala Corp., Universal Robina Corp., and GT Capital Holdings Inc., while the biggest gainers included Security Bank Corp., BDO Unibank Inc., Southeast Asia Cement Holdings Inc., and SM Prime Holdings Inc.
Shares traded amounted to 4.53 billion, valued at P15.32 billion. Losers and gainers were almost even, 98 to 97, while 38 issues were unchanged.
On Monday, the PSEi climbed 48.95 points or 0.67 percent to 7,325.13, while the broader All Shares index jumped 21.98 points or 0.51 percent to 4,300.37.