Business

7,000 still elusive with humdrum start on week trading

The local stock barometer slipped Monday in line with the most tired trading mood across regional markets.

The major stock of the Philippine Stock Exchange Index (PSEi) fell 12.55 points, or 0.18 percent, to close at 6,937.96.

“There was minimal volatility on blue chips with the exception of a few issues as investors made small adjustments to their portfolios prior to the release of output and inflation data. Elevated COVID-19 cases, as we continue to register more than 5,000 new cases a day, keep the mood cautious, ”said Christopher Mangun, research manager at AAA Equities.

Average sales pressure on blue chips was quickly absorbed by buyers at current prices, thus limiting volatility, Mangun noted.

About P336.8 million in net foreign purchases bought PSEi’s decline.

“PSEi can continue sideways between support at 6,750 and resistance at 7,000 until the end of the week as it builds momentum for a larger move,” Mangun said.

The index was weighed down most by finance, real estate and service counters, all of which fell by less than 1 percent.

The industry and mining counters all rose above 1 percent, while the team counter added less than 1 percent.

The value turnover amounted to P5.35 billion.

Despite the PSE’s downturn, there was more progress (107) than lenders (96) as investors looked beyond the PSEi for trading opportunities. On the other hand, 43 stocks were unchanged.

PSEI was pulled down by BDO, ICTSI and BPI, all of which fell by over 1 percent.

SM Prime, Ayala Land, Ayala Corp., Globe Telecom, Puregold, RLC, Metrobank, Jollibee and RRHI all slipped by less than 1 percent.

PSEi’s decline was dampened by gains from SM Investments, Megaworld and URC, all of which added over 1 per cent.

—DORIS DUMLAO-ABADILLA INQ

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