PSEi retreats after five-day ascent

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After a five-day ascent, the benchmark stock index slipped on Friday as investors opted to reposition ahead of the weekend.

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“Investors opted to lighten positions ahead of the weekend, deviating from global trends,” Accord Capital Equities Corp. analyst Jun Calaycay said.

He noted that US equities snapped out of a two-day slump on Friday while European stocks headed higher and Asian markets, led by the Nikkei and Hang Seng, registered gains.

The Philippine Stock Exchange index (PSEi) ended Friday trading down 0.70 percent, or 44.40 points at 6,308.36, while the broader all-shares index went down 0.64 percent, or 24.48 points to 3,802.02.

“Nevertheless, even as it failed to push past the 6,350-[point]resistance, the PSEi ends the week with gains of 194.70 points, or 3.18 percent,” Calaycay said.

Except for mining and oil, which managed to advance 8.22 points, or 0.06 percent to 14,291.08, the rest of the sectors posted losses.

Industrials posted the largest decline, down 1.58 percent, or 151.37 points at 9,455.93, while holding firms retreated by 0.80 percent, or 46.24 points to 5,710.99. Financials fell 0.29 percent, or 4.57 points to 1,557.81 while properties lost 0.22 percent, or 5.37 points to 2,413.07. Meanwhile, services dipped 0.15 percent, or 2.89 points to 1,895.55.

Total turnover was lower at P7.4 billion, with decliners outnumbering advancers 98 to 61.

Some of the top losers on Friday were Universal Robina Corp., SM Investments Corp., Megaworld Corp., Alliance Global Group Inc., Puregold Price Club Inc., BDO Unibank Inc., Ayala Corp., Jollibee Foods Corp., Victorias Milling Co. Inc. and Metropolitan Bank and Trust Co.

On Thursday, the PSEi closed up 0.92 percent, or 58.14 points at 6,352.76, continuing a five-day upswing that bucked the trend on Wall Street and Asian markets as investors cheered favorable corporate earnings results released so far. On the day, the wider all-shares barometer advanced 0.74 percent, or 28.20 points to 3,826.50.

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