Stocks dip anew, but 8,500 still within sight

The stock barometer slipped for the second straight session on Wednesday as investors reassessed recent gains, albeit remaining above the 8,200 mark.

The main-share Philippine Stock Exchange index (PSEi) fell by 30.09 points, or 0.36 percent, to close at 8,233.48. Elsewhere in the region, trading sentiment was mostly sluggish due to lingering US-China trade tension.

“The uptrend should still hopefully remain alive in the coming days, with the critical level to watch for being the 8,200 support. As long as the index remains above this 61.8-percent fibo (fibonacci retracement), and recent breakout point, the trek to 8,500 remains intact,” local stock brokerage Papa Securities said in a research note. Fibonacci retracement is used by traders to spot potential support and resistance levels in the stock market.

Papa Securities said regional markets were likewise lackluster. “It seems that (US president Donald) Trump is at it again as well, threatening another round of tariffs,” it noted.

The PSEi was weighed down by financial, industrial, holding firm, services and property firms.

The mining/oil counter, meanwhile, firmed up.

Value turnover amounted to P5.31 billion. Foreigners remained net buyers, resulting in P384.07 million in net inflows for the day.

Eighty-nine decliners edged out 85 advancers, but 67 companies were unchanged.

RLC fell by 2.22 percent, while SM Prime, AGI, Metrobank, ICTSI and PLDT all lost over 1 percent.

BPI, SM Investments, Jollibee, Meralco and Megaworld also slipped.

Outside of PSEi stocks, one notable decliner was Wilcon, which fell by 2.03 percent in relatively heavy volume.

Meanwhile, Ayala Land, Ayala Corp., BDO and First Gen all firmed up.

Among the notable gainers outside the PSEi was PXP Energy, which lost 12.78 percent. Vista Land slipped by 0.13 percent.

By: Doris Dumlao-Abadilla/Inquirer.net

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