Late-session selling pulls stocks down

MANILA, Philippines —  The local stock market kicked off the trading week on a sour note, as late-session selling pulled down early gains amid lack of a positive catalyst.

The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.33 percent or 20.98 points, opening the week at 6,265.72.

The broader All Shares index likewise declined by 0.3 percent or 10.11 points to settle at 3,383.23.

First Metro Securities said local equities gave up their early gains and slipped as late-session profit taking swept across the market.

“Sentiment deteriorated toward the close, with the latest escalation in the Middle East conflict putting upward pressure on crude prices and reviving global inflation concerns ahead of tomorrow’s closely watched US inflation print,” it said.

Regina Capital’s Luis Limlingan, for his part, said the local bourse ended lower as investors continued to consolidate positions, with the PSEi trading below the key 6,300 resistance level.

“Market participants remained cautious as they awaited fresh catalysts to determine the market’s next direction. Sustained buying interest and a breakout above resistance may be needed to support further upside momentum,” Limlingan said.

All sectors were in the red, except for services which went up by 0.40 percent. Mining and oil incurred the biggest loss at 2.27 percent, followed by industrial which fell by 1.02 percent.

Trading was strong as total turnover value stood at P16.82 billion. Net foreign selling was at P673.06 million.

Market breadth was negative as decliners overpowered advancers, 101 to 77, while 75 issues were unchanged.

ICTSI was the session’s top traded stock, rising by 0.30 percent to P988 per share. It was followed by Meralco and BPI, which dropped by 2.77 percent and 0.97 percent, respectively, to P562 and P102.