PSEi takes a breather below 7,000 to count the winnings

The local stock barometer retreated to close slightly below 7,000 on Thursday as investors pocketed recent gains and focused on smaller-cap stocks.

The Philippine Stock Exchange (PSEi) major stock index fell 54.16 points, or 0.77 percent, to close at 6,997.62, following the decline seen in the United States and most regional markets.

Foreign investors were net sellers for the fifth consecutive session, resulting in a net outflow of $ 1.09 billion.

BDO Unibank chief strategist Jonathan Ravelas said the PSEi could try to revisit 7,300.

“But if it stays above 7,000 levels, it will just go back to consolidation levels of 6,700 to 7,000,” Ravelas said.

Nonetheless, the market is now trading at levels seen before the mid-March lockdowns imposed by the government to stem the COVID-19 pandemic.

Holding company and mining / oil counters fell more than 1 percent, while industrial, service and property counters fell by less than 1 percent.

The financial accountant defied the day’s recession, gaining 1.57 percent.

The value of the day’s turnover amounted to P11.12 billion.

There were 114 advances that outperformed 99 retraces, while 60 stocks were unchanged.

Investors sold shares of the heavyweight index SM Investments, which fell more than 2.33 percent. PLDT and Metro Pacific fell more than 2 percent.

SM Prime and Ayala Corp. fell more than 1 percent. Ayala Land and Globe Telecom also fell.

On the other hand, BPI and GT Capital increased more than 2 percent.

BDO and Security Bank added more than 1 percent, while Metrobank was up 0.33 percent.

Outside the PSEi, investors took Premiere Horizon shares, which soared 32.76 percent, while MRC Allied rallied 13.68 percent.

AC Energy was up 5.07 percent, while DoubleDragon and MerryMart added 2.09 percent and 3.69 percent, respectively. —DORIS DUMLAO-ABADILLA

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