8-day winning streak ends as PSEi dips

By: Inquirer.net January 08,2018 - 10:35 PM

MOST local stocks slipped on Monday as domestic investors pocketed gains from local equities after an eight-day winning streak.

The Philippine Stock Exchange index (PSEi) shed 24.88 points or 0.28 percent to close at 8,745.12.

“Philippine markets took a breather after successive days of breaking records the previous week. This also came right after less than expected US employment data,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Non-farm payrolls rose by a seasonally-adjusted 148,000 in December, lower than Bloomberg consensus forecast of 193,000.

The PSEi was weighed down most by the property counter, which fell by 1.35 percent, while the financial, services and mining/oil counters also slipped.

The industrial and holding firm counters gained.

Foreign investors, however, saw the dip as an opportunity to load up. Net foreign buying for the day amounted to P1.2 billion.

Value turnover for the day amounted to P7.07 billion. There were 128 decliners that edged out 75 advancers while 43 stocks were unchanged.

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TAGS: ends, PSEi, streak, winning

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