• PSEi slips, signaling consolidation this week

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    Local equities started the week on a soft note with financials leading the declines, signaling that prices may be in for consolidation in the coming days.

    Analysts saw a combination of recent good news from the local and international fronts providing room for some profit-taking.

    Summit Securities President Harry Liu said the benchmark index could face resistance at 6,350 points over the short and medium term, and 6,600 points over the long term.

    The Philippine Stock Exchange index (PSEi) closed Monday’s trade 0.19 percent lower, or 12.04 points, at 6,296.32. The wider all-shares index posted a 0.05-percent gain, or 2.03 points, settling at 3,804.05.

    All sectoral indices, except for industrials, fell. The industrial sector gained 0.23 percent, or 21.72 points, to 9,477.65. Financials led decliners posting a 0.18-percent drop, or 2.75 points, at 1,555.06.

    Holding firms lost 0.12 percent, or 6.59 points at 5,704.40, while services shed 0.03 percent, or 0.55 points to finish at 1,895.

    Mining and oils dropped 0.15 percent, or 21.44 points to 14,269.64, while property slipped 0.36 percent, or 8.70 points to 2,404.37.

    Among the most actively traded stocks that sustained losses were Ayala Land Inc., Alliance Global Group Inc., SM Investments Corp. and BDO Unibank Inc.

    The most actively traded stocks that recorded gains included Megaworld Corp., SM Prime Holdings Inc., Philippine Long Distance Telephone Co. and Jollibee Foods Corp.

    Advancers still outnumbered decliners, 82 versus 73, while 57 issues remained unchanged. Total volume reached 3.6 billion shares, while value turnover stood at P10.2 billion.

    On Friday, the PSEi fell 0.70 percent, or 44.40 points, to 6,308.36, while the broader all-shares index shed 0.64 percent, or 24.48 points, to 3,802.02.

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