PSEi edges ~ PSEi edges down as investors take profits : STOCKS ENDED lower yesterday amid profit taking yet managed to stay above the psychological support of 4,200.
The Philippine Stock Exchange index (PSEi) shed 0.31% or 13.02 points to close at 4,227.99. The all-share index declined by 0.48% or 14.81 points to 3,096.60.
“Share prices were strong lately, which made a correction due to profit taking imminent. There was clearly some of that yesterday,”said Prince Anthony A. Yeung, analyst at AB Capital Securities, Inc., in a market report.
Wall Street’s weak close last Friday -- caused by a Republican-Democrat deadlock over the US budget -- also dampened sentiment yesterday. Blue-chip Dow Jones industrial average shed 0.24% or 29.44 points to 12,380.05.
Some investors also chose to watch by the sidelines, as they awaited the outcome of San Miguel Corp. investors’ briefing, said Eduardo V. Francisco, president of BDO Capital and Investment Corp., in an interview yesterday.
Decliners slightly outpaced advancers, 60 to 56, while 44 stocks did not change.
Trading volume dropped but value slightly rose, with 764.83 million shares worth P4.66 billion changing hands, from 1.08 billion shares worth P4.61 billion on Friday.
Foreign investors were still on the buy side, posting a net foreign buying totaling P563.58 million.
Subindices were mixed. The advancers were led by holding firms that gained 0.41% or 14.29 points to close at 3,541.41.
The service sector added 0.31% or 4.63 points to 1,518.42, while mining and oil gained 0.18% or 27.52 points to 15,022.17.
The losers were led by industrial companies that sank by 1.11% or 84.04 points to 7,464.32.
Financial companies slipped by 0.7% or 6.57 points to 932.23, while property companies fell by 0.69% or 11.21 points to 1,614.89.
Most active shares closed mixed: 10 in the red, nine in the green and one unchanged.
Top-traded and index heavyweight Philippine Long Distance Telephone Co. shed 0.26% or P6 to P2,340.
Second most-traded and diversified conglomerate San Miguel plunged by 7.51% or P13 to P160.
“San Miguel received a chunk of yesterday’s activity in anticipation of the announcement of more details for its share and convertible bond offerings. San Miguel shares plunged on fears that the pricing will be lower than initially expected,” Mr. Yeung pointed out.
Late yesterday, San Miguel announced it would raise $850 million by selling common shares and convertible bonds. The exercise should be completed within the month. San Miguel, however, did not provide details about how many shares it will sell and at what price.
Third most-traded and Razon-led International Container Terminal Services, Inc. rallied by 4.62% or P2.20 to P49.80.
Fourth most-traded and Pangilinan-led Metro Pacific Investments Corp. surged by 5.06% or 18 centavos to P3.74, while Consunji-led DMCI Holdings, Inc. rose by 3.38% or P1.35 to P41.30.
Shares in Metropolitan Bank & Trust Co. were unchanged at P67.80.
Stocks might continue to fall as more investors take profits today.
“Look for the main index to try to stay above 4,200 [today]. Profit taking is seen to persist today especially in stocks that are overbought or are near overbought levels,” Mr. Yeung said.
“Without a catalyst to spur trading activity, volume and value turnover are not expected to differ much from yesterday’s numbers,” he added.
“Outside of huge movements by global bourses, the PSEi is seen to move flat to lower today.”
The Philippine Stock Exchange index (PSEi) shed 0.31% or 13.02 points to close at 4,227.99. The all-share index declined by 0.48% or 14.81 points to 3,096.60.
“Share prices were strong lately, which made a correction due to profit taking imminent. There was clearly some of that yesterday,”said Prince Anthony A. Yeung, analyst at AB Capital Securities, Inc., in a market report.
Wall Street’s weak close last Friday -- caused by a Republican-Democrat deadlock over the US budget -- also dampened sentiment yesterday. Blue-chip Dow Jones industrial average shed 0.24% or 29.44 points to 12,380.05.
Some investors also chose to watch by the sidelines, as they awaited the outcome of San Miguel Corp. investors’ briefing, said Eduardo V. Francisco, president of BDO Capital and Investment Corp., in an interview yesterday.
Decliners slightly outpaced advancers, 60 to 56, while 44 stocks did not change.
Trading volume dropped but value slightly rose, with 764.83 million shares worth P4.66 billion changing hands, from 1.08 billion shares worth P4.61 billion on Friday.
Foreign investors were still on the buy side, posting a net foreign buying totaling P563.58 million.
Subindices were mixed. The advancers were led by holding firms that gained 0.41% or 14.29 points to close at 3,541.41.
The service sector added 0.31% or 4.63 points to 1,518.42, while mining and oil gained 0.18% or 27.52 points to 15,022.17.
The losers were led by industrial companies that sank by 1.11% or 84.04 points to 7,464.32.
Financial companies slipped by 0.7% or 6.57 points to 932.23, while property companies fell by 0.69% or 11.21 points to 1,614.89.
Most active shares closed mixed: 10 in the red, nine in the green and one unchanged.
Top-traded and index heavyweight Philippine Long Distance Telephone Co. shed 0.26% or P6 to P2,340.
Second most-traded and diversified conglomerate San Miguel plunged by 7.51% or P13 to P160.
“San Miguel received a chunk of yesterday’s activity in anticipation of the announcement of more details for its share and convertible bond offerings. San Miguel shares plunged on fears that the pricing will be lower than initially expected,” Mr. Yeung pointed out.
Late yesterday, San Miguel announced it would raise $850 million by selling common shares and convertible bonds. The exercise should be completed within the month. San Miguel, however, did not provide details about how many shares it will sell and at what price.
Third most-traded and Razon-led International Container Terminal Services, Inc. rallied by 4.62% or P2.20 to P49.80.
Fourth most-traded and Pangilinan-led Metro Pacific Investments Corp. surged by 5.06% or 18 centavos to P3.74, while Consunji-led DMCI Holdings, Inc. rose by 3.38% or P1.35 to P41.30.
Shares in Metropolitan Bank & Trust Co. were unchanged at P67.80.
Stocks might continue to fall as more investors take profits today.
“Look for the main index to try to stay above 4,200 [today]. Profit taking is seen to persist today especially in stocks that are overbought or are near overbought levels,” Mr. Yeung said.
“Without a catalyst to spur trading activity, volume and value turnover are not expected to differ much from yesterday’s numbers,” he added.
“Outside of huge movements by global bourses, the PSEi is seen to move flat to lower today.”
Categories:
Penny Stocks
